An analyst presents you with the following pro forma (in millions of dollars), which gives her forecasts of earnings and dividends for 2013-2017. She asks you to value the 1,380 million shares outstanding at the end of 2012. Use a required return for equity of 10% in your calculations.

ULUUNIC. CO UU An analyst presents you with the following pro forma in millions of dollars), which gives her forecasts of earnings and dividends for 2013-2017. She asks you to value the 1,380 million shares outstanding at the end of 2012. Use a required return for equity of 10% in your calculations. 2013E 2014 2015 2016 2017 629.0 349.0 3670 385145 Eamings 388.0 570.0 599.0 660.45 Dividends 115.0 160.0 349.0 367.0 385.40 a) Forecast growth rates for earnings and cum-dividend earnings for each year, 2014-2017. b) Forecast abnormal earnings growth (in dollars) for each of the years 2014-2017. c) Calculate the per-share value of the equity at the end of 2012 from this pro forma. d) What is the forward P/E ratio for this firm? What is the normal forward P/E? 2090_Financial Statements Ana Teresa Ho