Question Four Answer all parts Show all your workings (a) Persephone, which will be a stable growth firm next year, has just reported the following year-end results: Selected Reported Year-End 2022 figures (in millions) Net Income Dividends 9,300 3,500 Book Value of Equity 160,000 Shares Outstanding 10,500 Persephone's beta is 1.10. The risk-free rate and the market risk premium are expected to be 2.0% and 5.5%, respectively. The Company is expected to maintain a stable competitive moat of 50 basis points. Estimate Persephone's share price using the dividend discount method (DDM). State any assumptions. (10 marks) (b) Dividends plans are only one way that a company can return cash to shareholders. Explain the other methods via which firms return cash to shareholders, the implications of these for shareholders, and how you would modify the DDM to account for this. (c) Explain how to integrate ESG information into equity valuations. (10 marks) (15 marks) (Total: 35 Marks)