Today is December 31, 2001. The following information applies to Vermeil Airlines:
• After-tax, operating income [EBIT (1 - T)] for 2002 is expected to be $500 million.
• The company's depreciation expense for 2002 is expected to be $100 million.
• The company's capital expenditures for 2002 are expected to be $200 million.
• No change is expected in the company's net operating working capital.
• The company's free cash flow is expected to grow at a constant rate of 6 percent per year.
• The company's cost of equity is 14 percent.
• The company's WACC is 10 percent.
• The market value of the company's debt is $3 billion.
• The company has 200 million shares of stock outstanding.
Using the free cash flow approach, what should the company's stock price be today?