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A company is expanding very fast & expects to grow at a rate of 25% for the next four years. The company recently declared a dividend of $3.60 but does not expect to pay any dividend for the next three years. In year 4, it intends to pay a $5 dividend & thereafter grow it at a constant growth rate of 6%. The required rate of return on such shares is 20 %.
Required: how to
a) Calculate the present value of the dividends during the fast growth period.
b) What is the price of the share at the end of the fast growth period?
c) What is the share price today?
d) Would today’s price be driven by the length of time you intend to hold the share? Why or why not?