Discount Model Perpetual Growth Model 2017 2014 3.30 $ $ Dividends Dividend Growth 2015 3.70 $ 12.12% 2016 4.25 $ 14.86% 5.00 $ 17.65% 2018 5.50 $ 10.00% 2019 Growth Rate 5.90 7.27% 12.32% 12.38% 12.32% Geometric Average 12.38% Arithmetic Average Required Rate of Return 15.00% $ Value of Stock using Perpetual Growth Model with Geometric Average: Value of Stock using Perpetual Growth Model with Arithmetic Average: 247.53 $ 253.19 $ 247.53 253.19 $ Risidual Income Model 2017 2018 2014 14.37 S 2016 15.59 $ $ 2015 14.94 $ 3.97% Earnings Per Share EPS Growth 15.58 $ -0.06% 15.80 $ 1.41% 2019 Growth Rate 15.90 0.63% 2.04% 2.06% 2.04% Geometric Average 2.06% Arithmetic Average 4.35% Required Rate of Return Book value per share $ 15.00% 21.28 Value of Stock using Residual Income Model with Geometric Average: Value of Stock using Residual Income Model with Arithmetic Average: $ $ 121.88 122.02 Free Cash Flow Model free cash flow FCF Growth 2014 2015 2016 2017 2018 2019 Growth Rate $ 14,869.00 $ 13,345.00 $ 12,685.00 $ 13,104.00 $ 12,934.00 $ 12,951.00 -10.25% -4.95% 3.30% -1.30% 0.13% -2.72% -2.61% -2.72% Geometric Average -2.61% Arithmetic Average Equity Beta Debt/Equity Tax Rate Risk-Free Rate Market Risk Premium 0.8 2.26 21% 2.00% 10.00% 0.2872 Asset Beta Required Rate of Return using CAPM 0.2872 4.87% 4.87% Discount Model Perpetual Growth Model 2017 2014 3.30 $ $ Dividends Dividend Growth 2015 3.70 $ 12.12% 2016 4.25 $ 14.86% 5.00 $ 17.65% 2018 5.50 $ 10.00% 2019 Growth Rate 5.90 7.27% 12.32% 12.38% 12.32% Geometric Average 12.38% Arithmetic Average Required Rate of Return 15.00% $ Value of Stock using Perpetual Growth Model with Geometric Average: Value of Stock using Perpetual Growth Model with Arithmetic Average: 247.53 $ 253.19 $ 247.53 253.19 $ Risidual Income Model 2017 2018 2014 14.37 S 2016 15.59 $ $ 2015 14.94 $ 3.97% Earnings Per Share EPS Growth 15.58 $ -0.06% 15.80 $ 1.41% 2019 Growth Rate 15.90 0.63% 2.04% 2.06% 2.04% Geometric Average 2.06% Arithmetic Average 4.35% Required Rate of Return Book value per share $ 15.00% 21.28 Value of Stock using Residual Income Model with Geometric Average: Value of Stock using Residual Income Model with Arithmetic Average: $ $ 121.88 122.02 Free Cash Flow Model free cash flow FCF Growth 2014 2015 2016 2017 2018 2019 Growth Rate $ 14,869.00 $ 13,345.00 $ 12,685.00 $ 13,104.00 $ 12,934.00 $ 12,951.00 -10.25% -4.95% 3.30% -1.30% 0.13% -2.72% -2.61% -2.72% Geometric Average -2.61% Arithmetic Average Equity Beta Debt/Equity Tax Rate Risk-Free Rate Market Risk Premium 0.8 2.26 21% 2.00% 10.00% 0.2872 Asset Beta Required Rate of Return using CAPM 0.2872 4.87% 4.87%
