year of

$800

million. Valence pays out

40%

of its earnings in total-

15%

paid out as dividends and

25%

used to repurchase shares. If Valence's earnings are expected to grow by

7%

per year, these payout rates do not change, and Valence's equity cost of capital is

9%

, what is Valence's share price?\

$75.12

\

$60.10

\

$11.27

\

$22.54

\

$100.00

year of $800 million. Valence pays out 40% of its earnings in total 15% paid out as dividenas and 25% used to repurchase shares. If Valence's earnings are expected to grow by 7% per year, these payout rates do not change, and Valence's equity cost of capital is 9%, what is Valence's share price? $75.12 $60.10 $11.27 $22.54 $100.00