Suppose Walmart pays dividends once a year. It just paid out year 2017's dividend of $2.04 per share. Analysts' concensus forecast about its future dividends is as below: $2.10 for year 2018, $2.20 for year 2019, $2.30 for year 2020, $2.40 for year 2021, and $2.50 for year 2022. After year 2022, Walmart's annual dividend payments will grow at a constant rate of 3%. Suppose Walmart shareholders' required return is 6%. Estiimate Walmart's intrinsic value. 6.0% 3.0% t Cash flowCF Amount 1 Dividend 1 2 Dividend 2 3 Dividend 3 4 Dividend 4 5 Dividend 5 5 Horizon valu PV Intrinsic Value