QUESTION 2 171 Panorama Rama Holdings has been growing rapidly and has therefore have decided to increase their dividends by 2% in year one, 5% in year two, 10% in year three, 13% in year four and maintain a constant growth rate of 7% thereafter. The company just paid a dividend of R4,5. The stock is currently trading at R78 and the required rate of return is 13%. a) Calculate the intrinsic value of the share