Year

2011
2010
2009
2008
2007

Constant
Payout
Ratio
479.25
373.85
181.83
136.46
142

Walter
model

Gordon MM
model
model

109.91
83.74
83.81
72.29
53.9

67.59
58.25
43.34
58.88
44.66

632.68
492.75
217.75
163.11
170.93

700
600
500
400
300
200
100
0
2011

2010

X = year Y = Price of share Constant Payout Ratio Walter model Gordon model MM model 2009 2008 2007 .

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