Two-Phase Stock Valuation 2: The current dividend for Cisco Systems is $1. Suppose that analysts believe that Cisco's dividends for the next 5 years will grow at 15%. After the fifth year, analysts expect revenues (and dividends) for the company to grow at 5% forever. The required return for Cisco given its relevant risk is 18%. What should the current price for Cisco stock be? 1. Estimate value of Phase I dividends. 2. Estimate value of Phase II dividends. 3. Find PV of Phase II dividends