Your boss at Norris Valuations Inc. has asked you to determine a price target for the shares of Troy Inc. A coworker was working on this valuation but got reassigned to a different project. He has provided you with different financial information as well as predictions of future performance for the company. Cash Accounts receivable Long-term debt (all 30 year annual Coupon Bonds issued in 2017) Accounts payable Common stock Notes payable Gross Fixed Assets Accruals Inventories Retained earnings Depreciation Rate (% of Gross FA) Total Asset Turnover Coupon Rate Market Rate for similar Bonds Tax rate EBITDA (% of sales) Dividend payout ratio Shares Outstanding MV of Preferred Stock S S S S S S 2018 86,000 $ 75,000 71,000 $ 66,000 65,000 $ 65,000 25,000 $20,000 69,476 S 65,000 14,000 $ 10,000 70,000 $ 50,000 25,000 $ 20,000 35,000 S 30,000 2017 S S S S 56,524 S 36,000 10% 10% 1.50 5.00% 6.00% 21.00% 14.00% 40.00% 10,000.00 $100,000.00 He estimated that the company's FCF would grow at 30% for the next 3 years, 15% for the following 3 years, and then at 5% thereafter. He estimated their WACC at 8%. He also came up with estimates for possible future dividend growth rates of 15% for the next 2 years, 10% the following 2 years, and then 4% thereafter. He estimated the stock's beta to be 1.2. The current market return is 10% and the risk free rate is 3%. The stock is currently selling for $24. You are tasked with estimating the price of the stock using both the Corporate Valuation Model and the Dividend Growth Model and making a recommendation on whether the company is under, over, or fairly priced.