Perpetual Growth Current High Growth Period Transition Period Year 011 2012 2132014 2015 2016 2017 2018 2019 2020 20212022 2.90 3.18 3.483.81 4.17 457 4 6.80 ear Dividend (S Growth 10 4.96 5.36 5.75 6.16.48 9.50% | 9.50% | 9.50% 9.9% | 9.50% 8.75% | 8.00% | 7.25% | 6.50% | 5.75% 5% Required Return (Kel Discount Factor Discounted Dividend Terminal Value Sum of Discounted Dividend PV of Terminal Value Stock Price at Present 0.9010.812 0.731 0.6590.593 0.535 0.4820.434 0.391 2.86 910.352 2.82 2.781-2.75-1-2.71 -2.65-1 2.5- 2.5 2.39 2.28 113.34 26.33 39.92 66.25