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Assume all P / E ratios are forward looking ELA, Inc. will pay a $ 0 . 6 0 dividend today. The dividend is expected

Assume all P/E ratios are forward looking
ELA, Inc. will pay a $0.60 dividend today. The dividend is expected to triple in the first year and
then double in the second year. After that the dividend will grow at a constant annual rate of 5%.
ELAs capitalization rate is 11.0%.
a.
What is ELAs intrinsic value today?

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