Financial analysts expect Theron Co.'s earnings and dividends to grow at a rate of 16 percent during
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Financial analysts expect Theron Co.'s earnings and dividends to grow at a rate of 16 percent during the next three years, 12 percent in the fourth and fifth years, and at a constant rate of 6 percent thereafter. Theron's dividend, which has just been paid, was $1.20. If the expected rate of return on the stock is 12 percent, what is the price of the stock today?
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Related Book For 
Finance for Executives Managing for Value Creation
ISBN: 978-0538751346
4th edition
Authors: Gabriel Hawawini, Claude Viallet
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