Use the above forecasts to determine the intrinsic value of High Flyer shares. Use the discounted dividends model; assume the forecast dividend payment in 2019 is $5.25 and that it will growth by 9% per year in perpetuity. The appropriate intrinsic value at 12/31/2015 is:

a. $105.00

b. $17.50

c. $25.31

d. $78.46

e. $112.59

CFFO = Cash Flow from operating activities

CFFI = Cash Flow from investing activities

CFFF = Cash Flow from financing activities

Actual 31-Dec-15 Estimated 31-Dec-16 Estimated 31-Dec-17 Estimated 31-Dec-18 Il Per Share EPS 6.25 8.75 9.65 11.80 BVE (vear end CFFO CFFI CFFF BV Liabilities Ke 20.00 15.00 7.00 5.00 50.00 14% 16.00 -8.00 4.00 18.00 -12.00 -8.00 20.00 -16.00 6.00 ACC 12%