Use the price/earnings multiple approach to estimate the value of Lamar Company's stock. You estimate that Lamar Company will earn $3.70 per share next year (2013). This expectation is based on an analysis of the firm's historical earnings trend and of expected economic and industry conditions. The average price/earnings (P/E) ratio for firms in the same industry is 6. NOTE: Enter your answer to two decimal places with no dollar sign. For example, if your answer is $3.3567, enter 3.36 A small cosmetics company, from 2007 through 2012 paid the following per-share dividends: Assume that the historical annual geometric growth rate of dividends is an accurate estimate of the future constant annual rate of dividend growth, g. The required return, r_s, is 19%. Find the value of the stock assuming constant growth of dividends. NOTE: Enter your answer with two decimal places and no dollar sign. For example, if your answer is $3.257, enter 3.26 7. FCF Valuation: When using the FCF valuation method, the value derived is for The stock price The debt value The whole firm None of the above