1. Compute the implied growth rate with the Gordon Growth model for the following "dividend aristocrats", that is, firms which have been consistently increasing their dividend in the past:
   • Johnson & Johnson ($JNJ)
   To find the implied growth rate, research their last full-year dividend and run a regression over 5 years of monthly returns to estimste their beta. For each firm, analyze if the use of the Gordon Growth model is appropriate. Explain your answers.