As an equity analyst, you have derived the following information for the three companies listed. In the investment period, you expect the Risk-free rate of return to be 6% and the Average market return to be 10% Note: The estimated values are the present value of the future price and dividend at the end of the investment period. Company Current price () Beta X plc Estimated price () 23 49 40 20 45 Estimated dividend () 0.50 1.50 1.20 1.2 Y plc Z plc 1.9 0.67 37 Answer the following questions: (a) Based on the data in the table, calculate the estimated return for each company. (10 marks) (b) Using the Capital Asset Pricing Model (CAPM) calculate the required return for each company. (10 marks) (c) Based on your calculations in part (a) and part (b) advise whether you think the company's shares are undervalued or overvalued