Nike had sales of $45 billion in 2019. Suppose you expect its sales to grow at a rate of 3% forever. Based on Nike’s past profitability and investment needs, you expect EBIT to be 8% of sales, increases in net working capital requirements to be 9% of any increase in sales, and capital expenditures to equal depreciation expenses. Nike pays 20% income tax. The opportunity cost of capital is 7%. Nike has 0.9 billion shares outstanding, $3.3 billion in cash, $1.2 billion in debt.

Calculate the share price for 2020 using the discounted free cash flow model. Round your final answer to one decimal place.