Anidaso Ltd operates in the manufacturing industry in Ghana. The company is in the process of selling some of its shares to the general public in order to raise enough funds to expand its operations. Below are the financial statements of the company: STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 SEP,2019 GHc000 Revenue 122,900 Cost of Sales (58,650) Gross Profit 64,250 Selling, general&Administration Expenses (43,570) Profit before Interest &Taxes 20,680 Finance Cost (1680) Profit before taxation 19000 Taxation @20% (4750) Profit after tax 14250

STATEMENT OF CHANGES IN EQUITY (EXTRACTS)FOR THE YEAR ENDED 30 SEP,2019. GHc000 Retained Earnings at October 1,2018 47,970 Profit for the year 14,250 Dividend paid (6200) Retained Earnings at 30th September, 2019 56020

STATEMENT OF FINANCIAL POSITION AS AT 30th SEPT, 2019 GHC000 Non-current Assets: Development Expenditure 13050 Patents 8200 Property,plant and equipment 98750 CURRENT ASSETS: Inventories 21700 Trade receivables 12501 Bank and cash 5944 40145 TOTAL ASSETS 160145

CURRENT LIABILITIES: Trade payables 15400 Non-current Liabilities: 10%Debenture loan stock 12000

Equity: Share Capital 50000 Revaluation Surplus 26725 Retained Earnings 56020 132745 TOTAL EQUITY &LIABILITIES 160145

Additional Relevant information: The share capital of the company is composed of: GHc000 20%redeemable preference shares 10000 Ordinary shares (issued @GHc0.20each) 40000 50000

A review of the development expenditure indicated that only 50% of it is worthwhile. An independent valuer has placed values on some of the assets of Anidaso Ltd below: GHC000 Property,plant and equipment 111000 Inventories 16200 Trade receivables 10000 137200 Profit forecasts for the next 5years of Anidaso Ltd are as follows:The estimated Profit before tax figures are arrived at before charging the estimated depreciation charges.

Year-Ended 30 Sept Profit before Tax Depreciation GHC000 GHC000 2020 14900 1100 2021 16000 1225 2022 19250 1550 2023 19800 2025 2024 21550 2130

The Patents in the statement of financial position represents a license to produce an improved variety of a product and is expected to generate a pre-tax Profit of GHc10,000per year for the next 5years. Abiola Limited is a competitor company listed on the Ghana Stock Exchange and data extracted from its recently published financial statements revealed the following details: GHC Market Capitalisation 1000,000 Number of Ordinary Shares 800,000 Earnings per share GHc0.20 Dividend payout ratio 80% The cost capital of Anidaso Ltd is 10%

REQUIRED: Determine the value to be placed on eachshare of Anidaso Ltd using the following methods of valuation: i) Net Assets; ii) Price-Earnings ratio; iii)Dividend yield; iv)Discount cash flow.