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PROBLEM 5: Use the information for the question At the end of 2015, an analyst estimates the value of Copyright, Inc. common stock to be

PROBLEM 5: Use the information for the question

At the end of 2015, an analyst estimates the value of Copyright, Inc. common stock to be $84 per share using a two-stage, dividend discount H-model and forecasts earnings for 2016 to be $4.20 per share.

Question 7

Copyrights justified leading P/E multiple using the valuation from the H-model is ____.

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