Intrinsic Value Calculation of ABC Corporation

ABC Corporation is a publicly traded company that operates in the technology sector and recently reported its financial results. The company's earnings growth rate is projected at 15% for the next five years, after which it is expected to stabilize at a 5% growth rate indefinitely. Analysts use a price-to-earnings (P/E) ratio of 20x for firms in the same industry.

Given ABC Corporation's earnings per share (EPS) for the latest year was $3.00, what is the estimated intrinsic value of ABC's stock using a multi-stage dividend discount model (DDM) approach, assuming that the company pays out 40% of its earnings as dividends?