You have identified three competitors for HAL.  Relevant data for HAL and these competitors are shown in the following table:

Company Share Price Net Income Outstanding Shares
Name ($) ($ million) (in millions)
HAL 12 15
IBM 20 20 20
ORC 30 6 5
CSC 12 6 15


Applying relative valuation methodology and using the average P/E ratio of all three competitors the estimate of HAL’s stock price should be: