Use the following information to value Badger Meter Corp. The observed share price on December 1, 2017 was $45.75 per share. The most recent 10-k was dated Nov. 30, 2017.

- WACC (after-tax) is 8% and the estimated cost of equity is 11% for Badger Meter. ?

- All dollar amount items are stated in thousands of dollars. ?

- Shares of Common Stock outstanding (in thousands) is 28,820 ?

- The Terminal Value perpetuity begins in 2021 and dividends are ?assumed to grow at 3.4% annually. Residual income in 2021 is expected to be 5% greater than the amount forecast in 2020. ?

1. Value the shares as at Nov. 30, 2017 using the Discounted Dividends Model

2. Value the shares as at Nov. 30, 2017 using the Discounted Free Cash Flow Model

3. Value the shares as at Nov. 30, 2017 using the Discounted Residual Income Model

Badger Meter (45.75) Total Revenue Net Income Interest Bearing Debt Retained Earnings Total Stockholder Equity Total Cash Flow From Operating Activities Capital Expenditures Dividends Paid Forecast Perp 2017 2018 2019 2020 2021 364,768 377,698393,761 29,678 25,93832,295 86,205 91,98690,51556,300 170,320.00 196,560.00 35,735 35,831 56,185 61,240 (12,332) (19,766) (10,596) (15,400) 10,633 11,261 12,461 14,600