Valuation of DEF Industries Using Dividend Discount Model

DEF Industries, a leading player in the renewable energy sector, is known for its stable dividend payments. Last year, the company paid a dividend of $3.00 per share. The company has a target dividend growth rate of 8% annually due to its expansion strategies and increasing profits. Analysts believe that the required rate of return for investors in this sector is approximately 12%.

Using the Gordon Growth Model, what is the estimated intrinsic value of DEF Industries' stock?