Apples common stock currently trades on the market for $129.90 per share. The firm paid a $3.49 dividend per share last year. Following the last dividend, the firm expects the dividends to grow at a rate of 8% per year thereafter. The assumed required rate of return for this firms common stock is 10%.

A) While using the Gordon Growth Model (Constant Dividend Growth Model) for valuating common stock, what is the intrinsic value of Apples common stock (Trading Symbol JNJ), P₀ on a per share basis?

B) Given the current market price per share for Apples common stock compared to the value calculated (intrinsic value), would it presently be under-valued, over-valued, or properly valued?