Intrinsic Value Estimation Using P/E Ratio

XYZ Ltd is a retail company that has consistently engaged in market-based valuation to assess its equity. The firm's recent analysis used the Price-to-Earnings (P/E) ratio approach. Analysts collected the P/E ratios of comparable firms in the retail sector and used this data to estimate the intrinsic value of XYZ Ltd's stock.

Given that the average P/E ratio of the peer group is 15, and XYZ Ltd has generated earnings per share (EPS) of $2, what is the estimated intrinsic value of XYZ Ltd's stock based on this market-based valuation method?