Halliford Corporation expects to have earnings this coming year of $ 2.983 per share. Halliford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 51 % of its earnings. It will retain 23 % of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 23.9 % per year. Any earnings that are not retained will be paid out as dividends. Assume Halliford's share count remains constant and all earnings growth comes from the investment of retained earnings. If Halliford's equity cost of capital is 11.3 %, what price would you estimate for Halliford stock?

Halli ord Corporation expects to have earnings this coming year of S2.983 per share Ha ord plans to retain all of ts earnings for the next two years. the subsequent two years e ir will retain ts aming retain 23% o its earnings rom that point onward. Each year retained earnings wil be invested in new projects with an expected return o 23.9% per year. Any earnings that are not retained will be paid out as dividends. Assume Hal ford's share count remains constant and all earnings growth comes from the investment of retained earnings. If Halli ords equity cost o capital is 11.3% what price would you estimate or Halliford stock? Then, for The stock price will be s(Round to the nearest cent.)