_— ha - Stodts & thin Valuation = _ |} 9-4 Do = $4. Ge IY. = Bea» vives = si. : Neo 4 Dae 2 CAND) HAD _ “ Year 2 + Doe 412 G12) =$4-25%4 = Yeav3 :Da= 4.25uy ({2) = $1-4OUIee Yer Dy = 1.Nouarg (10S) = SANTIS Years + De = 4. u7stuy (0S)= see 33l2 92 B= 48 = 430 2 — O1D- 0-04 94-3 B= DO (4-05) => Ys~ 0-08 = 2% Yer 0-0S r= 10.5267. nAo- sy P= QA(L0S) 3439-4 40+ Log — 00S a4 a) 2 Years 1) Unrate actin B= SRE sg 0-12 — 9:06 —— 2667. GUTS $6765 >) Poe 3-2US a B82 4 67-65 =¥Sq-g¢ Oe OF Gz 7 IS Corpooke valwe= _FCFa_ = AS 410° wAcc-q — O-40-0-04 Cor perake value. F441 6666666.7 =7 Stock price = 116666666-7 = § 40-ad Va erate 4o xIo8 - Ar mS Dp = QS = 4-467. UATE Ne 0 -4-7 a) Cae Vp2h6a —_ Nommal rate Of sebun= —10_ Le = Ae. 6.39.3 3 ABA: Ww. UD 8 New a0 Nominal Joke “4 Avkuun = = = Am ayS _ Oo = #400 _ Nominal rae au agua = 40 =AoY. a dD Ves 4188 ae Neommel Lake of wetuan = -A0_ 27. 2y veal, 43e (4-2 8) Vp= 9:08 X10 _ aqu.oes7s $44u24 oO +o7 aS} a) Nominal ake sf oa ae : _»b) SARS C+ O- omy aa = 9.489).54.4%, 4 4-10 6 = 3 (A-0-06€) - $47. 625 a$at.e : 0 -A0~ €0:06) ee ay “as (0S 2833-420 : O-\5 -0 08 : 4-2 = = -2y : Se — eh ». a 47S (4-0 02) = Ate 225 _ ¢\2-25 _ aie ayo 10 > 2. ee OS: _ ie jie oes ap ft — > Se Po = A-zs(A-0? = FiS-628 oS 2 -Of=O a a=3ay be a A028 (440-03) = §25-75_ ote 0 -0%—(+0-03)4) 9=5: ee aoe Phe. = Vas (4-05) = 443-15 OF $8 = OOS — — >) on ge rae en ee ee of) = As 35 undefined _ 0-0£- ores 2 g= 127 . Poe 4-2 (129 -$- 35 oa” 0-08 - DAZ - _ Unreasonable result Sine expecked owed. 3 cannot be greater than senivch sate op dehom. 2) Unreasonable since stode pice cant be negative . A-13 Required \oke of retin = Expecked poke ef —%s 4-4 4 54. (0-4) oe zat Yee Tey. Ls — = 46= 228 | 0-00N-4 =y Pe 46 (a- ous) 45249 4-14 Horizon value ye ors (4.35 (4.01) Po= 0-8 ane 15 (as + 9-5 (asp + Abs ( 3 sy “OR TF Bo = ODF +04) 4 ONT + 8-92 Po =$40- 0% __SSS ~, &. Son q-lS & lorie. Value = ee a HS 10% 1:08) = $787.5 Fran. = Oy AA — 0.05 million | bb Wm’s_ mel vey C44 x0) 4 C0104) (1109) poe Ga txt’) 4 7s rk a AP Ga _ Finis Nw = (4. 404 x05, (\3: TAT KI0") Hea a + (32-0310 0°) +(S7S: 943x108) —— = $G64A2.G0u milion ee) Gorrent price pa sawe= 642+ oy 142. 6O - 254-16 Vorizon value => Pa = 4 (4-38 (444) 0:04~q 80-403) 44. A. U3) (3% a3? t 3 (4g) fa aS gs bs) TES => 0972 25: 68¢ (0gyte 3? 4-3? 0g) oe a a ieee ts. WW = _ ATG _ _ Aaerrs. Wage toege S aes nn ORO NIN NG ING Es Be ee Ge, Dee y. a a). Das 20. os) = $2 A DS 2. (tos = $ 2-208 Das 2. osyt= $2. BASIS BD) pvot pts 24 oo . vot pm. OR * lina e pat bs 2 ee edtien PV of D3 = sais =$ 4A. 6474 ee 0 73 “ya * _dividand Streams _§ S-2¢07- i ©)_PV a4 Ps= 3473 = gaudgo4 4 rch sw ~~. 4) Wosk You should pay todey= 5.2. g07tay1204 _* = = 430 — 2) be AA = $30 | —h 0-2-0 .0S aa &gi 0) Nonzen Value = 4-6 (42° (08) - et 0.40 — 0-06 _—_— Roe A602) 4 6G Dy Grose mn - = Gay 7 aa OA pe = ATYSy + A.40u4. 450-4595, _fo= 854. 408 2 sydd BH Dw iderd yield Yeart =. D1 = 4-607). 3.54e7 — phen. Suda: ESSE Capitol Gans Yield= SL Essel vad fis = eg WMA ST ROUSY: po Simo 4 Pose SST a ») sae ae “Whe _ growths! vate Keeps | “increasing — yuki the SM yenn awe dividend pace heaps — ering, nesense. in aividaud pate, ill Weenie gyoot pus Troesse ta stock pie wees a8 sue ne aiviand, ‘yield perturtng e Snasise > Ss ~mereses elas aut Capital ance mncesig ce oO . a Anueasing:4-19 a) py @ FCR- 3 6 4-8 4 AG diced a3 “tem ov (eh om “Co ___PV a Fer fas. 34u6 milion $b) _Morizon Nolue = AG (4:03) 2 4294, 67 rriliion o- o4- 0.03 ¢) WY ¢ dion sz AS34464 ate 61 _¢) MV 4 sony out i Fepanbion s= Bee fea = $349 296 Con ; Tore) WW 949.895 440. 4 Qa. SAS million _d) Price par_shae= Q49.498-75 - $49.39 a ; 1S qo FCF= (YOO 4 440) -225 = $345 million WV fms BAS uioS ~ $7975 million _ 0-Ao~0. 06 a 2 — stot pice = (7295x108) = @-e7Sx10) ead re ee (200 %10%) _ = $20 : 94-24 a) Da ‘Qo Ft) = (4-78) (4-45) = ‘$2048 _ D2 (2020= GINCIS $2. a.yse _ Ds (221) = Q-IDAISY: £9. 660 Du (20289 = AISPCLISI: $3.6607 Das ors MINAASK: $ 3.5198 — b) *, Morizon Value = Ls GAs)" (4.28) - 459.740, o-\2~o. fy dendg— OVS > QW 12.6615 4 3.0607 ot da en tr. Tn) a Thary CnyY G. Galt A BSI ERGs SS a a Cyr® Roe 9.47 _ ker 9. Wig 4 SR a8l SE ; et Shape = 39-43 __— 2049, Expeded biidid Yiads 3.0495 = S407, GS pce 1S Sn er eee Capita tains Yet 42-S.4 = 6 VF Bee Expeched Atal veins AQT: — om: OG DN= 3.5196 (4.05) 2 5 y RTA otal Gains Vield= sh Expeded tora) seom= ADT. dl) People in Nigh tex bods we mae Uta No purchase growth greeks Fo tate adwantage on 4 Yue capitsl gain & postpone their tax P 2) Both He Aivideuds & 6 QV of stout pute _ val pe reduced. since Mee fom sopermamel awd normal pour rater are Lower, Tohal ¢ tongtank 42-7. bet DN 6 Wigher KAN lees grou wl drop as sequined selon — Keb a vary while COV BDV vie ob Gut aot S heed. long tearm CON rendens ab uy. he tree OY ts toy,