Apple and high-tech stock valuation are slipping. Here is some information about Apple from the Yahoo finance website (30 points):

Current price around $165 (April); the 52-week price range from 124 (Jan 2023) 175 August (2022)

Beta 1.3; EPS 5.88 and PE around 28; with $.92 dividends per share

Analyst EPS range from 6.01 to 7.36, with an average of 6.81

Revenue of $394B for 2022 and $274B for 2020; 100B profits for 2021-22 with 16.2 B shares outstanding and Market Capitalization of $2.6 trillion

Competitor PEs from 22 to 30; some much larger such as Microsoft, IBM, Google

Total assets $352 B and $48 B in cash

Shares held by no major inside owners; 60% by institutions

QUESTION: WHAT Price next year 2024, What Expected Return and would you invest? Please show how you arrive at expected returns and price using at least Two methods out of: Dividend discount, comparables (PE), base + PVGO, and CAPM. Make sure that you show base value and PVGO based on your assumptions.

Remember that today, Rf = 4.5% (rising) and market premium = 8%, long term historical Mkt return = 12%

Some useful formulas: Price=EPSPE,k=rf+B(rmrf)P0=kgD1,..also..P=baseP+PVGOreturns=(div+changeP)/P0