82 An analyst gathers the following information about a company:

| Item | Year 1 | Year 2 |

|----------------------------------|------------|------------|

| Cost of equity | 8.5% | --- |

| Book value per share at beginning of Year 1 | €25.50 | --- |

| P/B ratio at end of Year 2 | 1.5× | --- |

| EPS | --- | €5.10 | €5.87 |

| Dividend per share | --- | €1.25 | €1.50 |

Using a multi-stage residual income model, the per share value of the company's stock is closest to: