An analyst gathers the following book value information about a company and its common shares: Inventories €20 million Net fixed assets €80 million Total assets €150 million Total liabilities €90 million Shares outstanding 4 million The analyst estimates the market value of net fixed assets to be 125% of book value and the market value of inventories to be 90% of book value. If the stock is currently trading at €19.50 per share, the asset-based value per share is most likely: