1. Censof Limited is a young company in the robotics industry. It has an appealing new product which is expected to capture the market. It is estimated that it will be three years before competitors are able to enter this market. Censof has just paid a dividend of 50 cents per share. The required return in the toy industry is estimated to be 10% per annum. Growth for the next three years is expected to be in the region of 40% and thereafter it is expected to be the normal growth for the toy industry which is 7% per annum. Q: What is the value of a share in Censof?