Microsoft
	6/30/2019	6/30/2020	6/30/2021
			Estimate
EPS	8.3	11.89	11.69
Book Value per Share	21.62	19.6	28.66
Dividend Per Share	1.97	2.82	6.46
CI	41154	47807	53639
Comprehensive Income per share	1.71	1.99	2.23
Beta		1.23	1.23
Rm		0.08	0.08
Rf		3%	3%
LT Growth Rate			12.20%
Actual Price			203.51

1. Do these numbers in 2020 and 2021 follow clean surplus relations? Verify.
2. What would be the estimate of other comprehensive income in year 2020 and 2021
3. What is the cost of capital?
4. Given the data what is the earnings (EPS) that you will expect for 2021?
5. Given the analysts estimate of EPS, what is the estimate of abnormal earnings?
6. What is the estimate of comprehensive Residual Income Estimate for 2021?
7. Microsoft expects a long term growth of 4.7%. Based on this growth rate what will be the Residual Income valuation of Microsoft?
8. What will be the Abnormal Earnings growth based valuation of Microsoft?
9. Given the data what would be the valuation based on dividend discount?
10. Given the actual price, what is your conclusion of which method worked better and why?

More info:

Beta (5Y Monthly)	0.90
PE Ratio (TTM)	37.25
EPS (TTM)	5.76

Original table:

		Microsoft
	6/30/2021	6/30/2020	6/30/2019
	Estimate
EPS	11.69	11.89	8.3
Book Value per Share	28.66	19.60	21.62
Dividend Per Share		2.82	1.97
Beta		1.23
Rm		0.08
Rf		0.03
Actual Price			203.51