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Discount Model Perpetual Growth Model 2012 3.30 $ $ 2013 3.70 12.12% $ 2014 4.25 14.86% $ Dividends Dividend Growth 2015 5.00 17.65% $ 2016 5.50 10.00% $ 2017 Growth Rate 5.90 7.27% 12.32% Geometric Average 12.38% Arithmetic Average Required Rate of Return 15.00% Value of Stock using Perpetual Growth Model with Geometric Average: Value of Stock using Perpetual Growth Model with Arithmetic Average: 247.53 253.19 Risidual Income Model 2016 2012 14.37 $ $ 2013 14.94 3.97% $ 2014 15.59 4.35% $ Earnings Per Share EPS Growth 2015 15.58 -0.06% $ 2016 15.80 1.41% $ 2017 Growth Rate 15.90 0.63% 2.04% Geometric Average 2.06% Arithmetic Average Required Rate of Return Book value per share 15.00% 21.28 $ Value of Stock using Residual Income Model with Geometric Average: Value of Stock using Residual Income Model with Arithmetic Average: $ $ 121.88 122.02