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(25 points) Suppose in 2022 you estimated that company Xs 2023 and 2024 dividend per share will be 0.360 and 0.457, respectively. Beginning from 2025,

  1. (25 points) Suppose in 2022 you estimated that company Xs 2023 and 2024 dividend per share will be 0.360 and 0.457, respectively. Beginning from 2025, Xs dividend growth rate will be 16.1%. Using the two-stage dividend discount model (DDM), what is the fundamental value in year 2022? The discount rate for Xs cash flows is 20%.

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