Question: Frank Martin Inc. has earned $ 3 . 5 7 per share in the past year and is forecasted to earn $ 4 . 4

Frank Martin Inc. has earned $3.57 per share in the past year and is forecasted to earn $4.43 per share next year. Comparable companies are trading at a trailing P/E ratio of 23.6. What is the implied value of Frank Martin Inc.'s shares using relative valuation? Round to one decimal place.

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