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Cash generated from operations is euro 232.3m. The cost of investment is euro 56.4m. The number of outstanding shares is 266.8m The estimated cost of

Cash generated from operations is euro 232.3m. The cost of investment is euro 56.4m. The number of outstanding shares is 266.8m The estimated cost of capital is 9.8%. The company is financed entirely by equity.

Calculate the value accruing to shareholders if

the company makes a dividend pay-out of euro74.8m

the company does not pay any dividends

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