where did we get the P2018 from?

RIV model 2018 2019E 2020E 2021E 2022E 2023E Terminal 3.93 Earnings per share Dividends per share Book value per share 4.29 4.78 5.31 5.89 1.06 6.54 1.16 1.29 23.28 26.77 1.43 1.59 1.77 20.15 30.65 34.95 39.72 Residual earnings 2.28 2.45 2.63 2.83 t 3.05 52.79 1 2 3 4 Discount factor 5 5 0.91 0.83 0.75 0.68 0.62 Present value of RI 0.62 2.07 2.03 1.98 1.93 1.89 32.78 RIt+1= EPSt+1 - BV xr 3.05 X(1+9) 52.79 = (r-g) P2018= $62.82