Based on the data provided in the excel file RI below, You will use the three stage (two-stage or one-stage) residual income model to compute the intrinsic value of Walt Disney stock. You are expected to provide an analysis that is consistent with the underlying assumptions of the DDM and FCF models computed in Modules 3 and 4. (The usage of the three stage model versus the one and two stage models, the number of years in the growth and transition stage, ...)

1 DIS US Equity 2 Date 3 #N/A Requestin 11.4094 4 12/31/2001 11.2796 5 12/31/2002 11.6526 6 12/31/2003 11.8169 7 12/31/2004 13.0509 8 12/30/2005 13.058 9 12/29/2006 15.4167 10 12/31/2007 15.6727 11 12/31/2008 17.4342 12 12/31/2009 18.5525 13 12/31/2010 19.7791 14 12/30/2011 21.215 15 12/31/2012 22.0883 16 12/31/2013 25.2383 17 12/31/2014 26.4459 18 12/31/2015 27.8281 19 12/30/2016 27.0406 20 12/29/2017 27.5433 21 22 23 BOOK_VAL_PER_SH RETURN_COM_EQY 4.0821 -0.6756 5.3603 5.3646 9.4041 9.6881 11.6285 14.9809 14.037 10.0126 11.1237 12.8351 14.7309 14.4058 16.5975 18.7343 21.3942 21.2343