I posted the case and the question?

Valuing Stocks Your investment adviser has sent you three analyst re- ports for a young, growing company named Vegas Chips incorporated. These reports depict the company as spec ulative, but each one poses different projections of the company's future growth rate in earnings and dividends. All three reports show that Vegas Chips earned $1.20 per share in the year just ended. There is consensus that a fair rate of return to investors for this common stock is 4%, and that management expects to consistently earn a 15% return on the book value of equity (ROE 15%)