You are an analyst working for jp Morgan. You have been asked to value cleantech inc shares. You expect that the companys earnings and dividends will grow at 6% for 2 years and then 3% thereafter. Cleantechs dividend payout ratio is 60% and the companys earnings per share at year-end 2021 are $1.05. The current risk free rate 2% and the market risk premium 6%. You have estimated cleantech beta to be 0.85

1. What discount rate you use to estimate clean tech price per share
2. What is cleantech dividend expected to be based on 2021 earning per share
3. What is your estimate of cleantech dividend at the end of year 2
4. What is your estimate of price at the end of year 2
5. Based on your analysis what is your estimate of cleantech price