The below information shows the dividend history of ANZ Group from 2012 to 2021.

Calculate the intrinsic (theoretical) share price for ANZ based on the "two-stage" variable growth model. Need to show the steps of your calculations. How do you make the assumptions regarding the key parameters?

 

Date	Dividends
10/5/12	0.66
8/11/12	0.79
9/5/13	0.73
7/11/13	0.91
9/5/14	0.83
7/11/14	0.95
8/5/15	0.86
6/11/15	0.95
9/5/16	0.8
14/11/16	0.8
8/5/17	0.8
13/11/17	0.8
14/5/18	0.8
12/11/18	0.8
13/5/19	0.8
11/11/19	0.8
24/8/20	0.25
9/11/20	0.35
10/5/21	0.7
8/11/21	0.72