only one small question, help plz

The market consensus is that Analog Electronic Corporation has an ROE=9% and a beta of 1.25. It plans to maintain indefinitely its traditional plowback ratio of 2/3. This year's earnings were $3 per share. The annual dividend was just paid. The consensus estimate of the coming year's market return is 14%, and T-bills currently offer a 6% return. e. The market is still unaware of this decision. Explain why V0 no longer equals P0 and why V0 is greater or less than P0. (4 marks)