PART A: Symphony Ltd

Symphony Ltd$.$ is a market leader in medical equipment targeting customers with sleeping and breathing disorders in Australia. The company has been consistently profitable and has been growing at an

average rate of $5\%$ to $7\%$ in the past ten years. The company has not paid any dividend so far. A key agenda item for the board of directors meeting next month is whether the company should start

paying a dividend from this year.

Required

Prepare a concise report explaining the factors the board should consider before making a decision on paying dividends, keeping in mind the shareholders' interests.

PART B: DCF

Four well$-$known investment banks have suggested widely varying stock valuations for the company, Apple. All of them claim to have used the Discounted Cash Flow method.

Required

Explain any four key challenges that may significantly affect the accuracy of stock valuations using the Discounted Cash Flow method. Suggest suitable actions to face these challenges.