One year from today, investors anticipate that RLBLtd. shares will pay a dividend of $3 per share. After that, investors believe that the dividends will grow at 18% per year for three years before settling down to a constant rate of 8% indefinitely. The required rate of return on Spirit's shares is 15%. What is the current value of the share? Show workings.

If the market price of the share is $50, is the share over-priced, under-priced or fairly priced. Explain the answer