Market-Based Valuation of Global Manufacturing Inc.

As an analyst assessing the valuation of Global Manufacturing Inc., you notice that the company has a historical average price-to-earnings (P/E) ratio of 18. Based on your research, the P/E ratios of comparable companies are significantly higher, averaging around 24. Given the current earnings per share (EPS) of Global Manufacturing Inc. is $5, what would be the price per share of the company using the market-based valuation approach based on the industry average P/E ratio?