Using a dividend discount model (DDM) what is the dividend growth rate implied by the current share price of $44.48? How does that growth rate compare with rates implied from consensus forecasts of analysts in Exhibit 8. Construct a first stage DDM for 2018-2023 to calculate the price of the stock using the information provided in the case. What are you assumptions? What is your target price? How sensitive is the target price to your inputs? Harley Davidson: Construct a first stage DDM for 2018-2023 to calculate the price of the stock using the information provided in the case. What are you assumptions? What is your target price? How sensitive is the target price to your inputs? The text above this is from the picture. Exhibit 8: Harley-Davidson Inc. Consensus Forecasts, 20182023 LTM Consensus for 12 Months Ending July 1, 2018 July 1, 2019 July 1, 2020 July 1, 2021 Earnings per Share 2.92 3.18 3.56 4.06 Dividends per Share 1.47 1.50 1.56 1.80 Note: LTM = last 12 months. Source: Harley-Davidson Inc., "Consensus Forecasts for Harley-Davidson, Inc.," Institutional Brokers' Estimate Using a dividend discount model (DDM) what is the dividend growth rate implied by the current share price of $44.48? How does that growth rate compare with rates implied from consensus forecasts of analysts in Exhibit 8. Construct a first stage DDM for 2018-2023 to calculate the price of the stock using the information provided in the case. What are you assumptions? What is your target price? How sensitive is the target price to your inputs? Harley Davidson: Construct a first stage DDM for 2018-2023 to calculate the price of the stock using the information provided in the case. What are you assumptions? What is your target price? How sensitive is the target price to your inputs? The text above this is from the picture. Exhibit 8: Harley-Davidson Inc. Consensus Forecasts, 20182023 LTM Consensus for 12 Months Ending July 1, 2018 July 1, 2019 July 1, 2020 July 1, 2021 Earnings per Share 2.92 3.18 3.56 4.06 Dividends per Share 1.47 1.50 1.56 1.80 Note: LTM = last 12 months. Source: Harley-Davidson Inc., "Consensus Forecasts for Harley-Davidson, Inc.," Institutional Brokers' Estimate