Handy Furniture Ltd produces handicrafts for both local and foreign markets. The company was incorporated several years ago. The shareholders of Handy Furniture Ltd would now like to realise their investment. In order to arrive at an estimate of what they believe the business is worth, they have identified a long established quoted company, Clean Works Ltd$,$ which has similar business, but however produces for the European market only.Summarised financial statistics for the two companies for the most recent financial year are as follows:$5.$ Issued shares $($million$)$Net assets value $($GH$$ million$)$Earnings per share $($GH$)$Dividend per share $($GH$)$Debt: Equity ratioShare price $($as quoted on the stock market$)-$ GH$$ Expected rate of growth in earnings$/$dividendsAdditional Information:Handy Furniture Ltd$814\mathrm{.}40\mathrm{.}350\mathrm{.}201$:$705\%$Clean Works Ltd$20300\mathrm{.}280\mathrm{.}241$: $6\mathrm{.}51\mathrm{.}605\%1)$ The net assets of Tinto Ltd are the net book values of tangible non$-$current assets including working capital. However:A recent valuation of the buildings were GH$1,500,000$ above book value.An investment held which is designated as Equity Financial Asset at Fair Value through Profit or Loss with a carrying value of GH$1,000,000$ is fair valued at GH$1,100,000.$Due to a dispute with one of their clients, an additional allowance for bad debts of GH$750,000$ could prudently be made. An item of plant with a carrying value of GH$800,000$ is assessed to have value$-$in$-$use of GH$760,000$ and fair value less cost to sell of GH$780,000\mathrm{.}2)$ Growth rate should be assumed to be constant per annum. Handy Furniture Ltds earnings growth rate estimate was provided by the marketing manager, based on expected growth in sales adjusted by normal profit margins. Clean Works Ltds growth rates are gleaned from press reports$\mathrm{.}3)$ The dividend yield of Clean Works Ltd approximates its cost of equity. Required:Compute a range of valuations for the business of Handy Furniture Ltd$,$ using the information available and stating any assumptions made. Use the following methods for the valuation:i$)$ Net assets method $(5$ marks$)$ii$)$ Price earning method $(3$ marks$)$iii$)$ Dividend growth method $(4$ marks$)($Note: Ignore tax implications.$)$