The share price of Buckle (BKE) is $18.50. You are an investor evaluating whether the shares are undervalued, overvalued or fairly-valued based on the dividend discount model (DDM). After doing some research, you think that BKE will generate earn a return on equity (ROE) of 14% in the long-run, and that BKE will continue its long-term trend of paying out 80% of all earnings as dividends. Last year, BKE paid a dividend of $2.00 per share. The required return demanded by BKE investors is 12%. Are BKE's shares overvalued, undervalued, or fairly-valued? Explain. Annaly Capital (NYSE: NLY) is a mortgage real estate trust that expects to pay an annual dividend of $2.25 next year. After that, dividends are expected to grow at a 15% rate for the next three years (years 2-4) and then grow at a constant rate of 5% thereafter (starting in year 5). The applicable discount rate is 8.35%. Using the two-stage dividend discount model, calculate the intrinsic share value of NLY. Show your work and/or calculator inputs