For this case study, you will analyze Coca-Cola Consolidated, Inc., (COKE) to provide valuations based on the companys dividend history. COKE is quite proud of their long history of growing dividends, and the company is relatively stable in a mature industry so that a dividend model may be appropriate. Follow this process to find an approximate value for the stock: 1. Compile a 10-year history of the companys EPS and cash dividends paid (through the end of 2020). 2. Forecast 5 years of explicit dividends and provide a justification for your growth rate. (Your growth rate could be based on historical trends, forecasted industry growth, expected GDP growth, management guidance, or any other source.) 3. Assume a cost of capital of 5.25%. 4. Build a pull-down menu to act as a switch for two different terminal growth patterns: a. Steady state b. H-model 5. Use all of the above to estimate several possible values for the stock. You can build any additional sensitivity or variation into the model that is useful to find likely maximum and minimum prices. Next, look up the current stock price as of January 1, 2021. Assuming that the market uses a dividend discount model starting on that date (no explicit forecast, just directly into the Gordon DDM formula) and assuming the cost of capital given above is correct, what is the market- implied growth rate of dividends. Write your results in three paragraphs: 1. Describe your various inputs and models with justifications. 2. Provide your point estimate, best and worst cases, and compare them to the actual market price. If there is a significant mismatch, explain several potential sources of the misvaluation. 3. Provide your calculation of the market-implied growth rate. Do you believe that number is realistic? Why or why not (must include numerical support as part of your argument)?