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Alpha Enterprises has just paid a dividend of $3 per share. The company then immediately announced that, due to expected cash flow issues from a

Alpha Enterprises has just paid a dividend of $3 per share. The company then immediately announced that, due to expected cash flow issues from a large project, no dividends will be paid for the next three years. Dividends of $4, $5, and $6 per share will then be paid in each of the three years after that. Following these non-constant dividends, the company expects earnings and dividends to grow at 6% for the foreseeable future. The required return is 13% on the companys stock. What should we pay for one share of Alphas stock today?

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