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Based on analysis, the company is expected to make $4.80 per share from the common stock next year. The company has a policy to consistently

Based on analysis, the company is expected to make $4.80 per share from the common stock next year. The company has a policy to consistently pay out 50% of earnings as dividends. Investors holding the shares expect to earn 12% and expect a dividend growth rate of 9%.

  1. What would you expect todays price of Newmarket's shares to be?
  2. What is the P/E ratio of the firm today?

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