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B C D E F G H K M N 25.0% 3.0% 13.0% 2.50 DO Year 0 Year 1 Year 2 Year 3 Year 4

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B C D E F G H K M N 25.0% 3.0% 13.0% 2.50 DO Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 year 6 1 Input 2 Dividend growth rate (Year 1 to 5) 3 Dividend growth rate (Year 6 onwards) 4 Required return 5 Recent Dividend ($) 6 7 8 Calculation & Output 9 10 Dividends 11 Terminal Value 12 PV of CFs 13 14 Question 1 15 Terminal Value 16 Question 2 17 Current Share Price 18 19 in Year 5 D Terminal Value: Remember, to find the terminal va calculate D6 but terminal value is given in Y5. D D D

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