You have collected the following data to analyze the stock price of Telecom. Over one year period, the S&P500 changed from 850 to 960.5 and the U.S. t-bill earned 4% annually. Telecom stock has the same risk as the general market index. What is the value of Telecom stock based on Dividend Valuation Model? Telecom Recent price $50 Return on equity 25% Price/cash flow 2.0 Price/sales 3.8 Current earnings per share $2.40 Dividend payout ratio 55% Shares outstanding (million) 1.2