Find a fair value for the stock price using dividend growth rate model with following information:

Dividends per share 0,44

Equity 600000 Net income 90000

S&P500 index and company stock correlation 1,22

55% of the earnings where paid out to dividends

T-bill rate 1,20 %

s&p500 index last year return was 15,50 %

s&p500 index standard deviation is 22,40 %

Company stock standard deviation 16,60 %