Suppose that the the expected long-term growth rate of dividends of Company X is 5%. Suppose also that long-term retention ratio of Company X is 20%. The stock of Company X is currently trading at forward price-to- earnings (P/E) ratio 16. Calculate the justified (by fundamentals) forward P/E ratio and explain, whether the stock of Company X is overvalued, fairly valued, or undervalued in the market, if investor's required rate of return is 12%. Present complete solution in a logical order (step-by-step). Explain (define) clearly, what are you calculating. Answer all the questions explicitly