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The Chinese c-commercc company Alibaha Group oated its shares in the biggest Initial Public Offering in US history. Alibaba Group priced its shares at $68 raising $21.8 ha and valuing the company at 5167.6 ha. The IPO prospectus notes that Alibaba does not plan to pay dividend in the foreseeable future and reported annual earnings of $3.52 per share. Analysts estimate that the firm will grow at 25% per year for the next 5 years and at 5% after that. Currently. Return on Equity is 2596. Investors agree that the appropriate discount rate is 10% and that in 5 years the rm will start distributing a dividend and will keep the payout ratio constant forever. After a few days of trading. Alibaba's share price closes at $88. This trading price is the consensus valuation among investors and analysts. 1. What is the payout ratio after year 5 implied in the investors' valuation? 2. What is the implied Return on Equity (after year 5)? Click to View answer [+] 3. What is the implied PVGO? Show all of your calculations and explain your approach