2.0) Kathy Wood is preparing a valuation of Desla, Inc. Kathy has decided to use a three-stage FCFE valuation model and the following estimates. The FCFE per share for the current year is $0.75. The FCFE is expected to grow at 10 percent for next year, then at 26 percent annually for the following three years, and then at 6 percent in Year 5 and thereafter. Desla's estimated beta is 2.00. and Kathy believes that current market conditions dictate a 4.5 percent risk-free rate of return and a 5.0 percent equity risk premium. Given Kathy's assumptions and approach, estimate the value of a share of Desla. (50 Marks) (1) Discuss the role of industry analysis in equity research and give an example of industry analysis framework. (50 Marks) (Total 100 Marks)