Norah SA has just paid an annual dividend of €1.99. Analysts expect the company's profits to increase by 6% per year for the next four years. Beyond that, Norah SA's profits are expected to grow at the industry average rate of 4.6% per year.

a) If Norah SA's cost of equity is 8.2% per annum and its dividend payout ratio remains constant, what price should Norah SA's shares sell for under the dividend discount model?

b) If, while maintaining a constant total payout ratio, the CFO finally decided to payout 50% of the profits as a dividend and use the remaining 50% to buy back shares, what would be the share price of Norah SA?

c) What is the most relevant/direct discount rate to use in this case to determine the price of this company's shares?