Use the following information on Disney to answer the case questions.

Disneys current stock price is $140.00 per share. The average growth rate of the companys dividend has been 17.7% from 2004 through 2018

Disneys return on equity is 28.0% and the company retains approximately 80.0% of its profits while paying out the remaining 20.0% in dividends.

The companys stock currently trades at 21.21 times its current year earnings estimate of $6.60 per share.

Analysts expect the company to earn $6.19 per share in 2020 and $6.93 in 2021. Disneys peers in media networks trade at 25.5 times their current year earnings estimates while peers in parks, experiences and consumer products at 21.9; studio entertainment at 19.1 and DTCI at 14.1.

Assume the expected return for Disneys stock is 6.9%.

What is Disney stocks intrinsic value using The Constant Growth Model and the Multi-Stage Growth Model