8. Future dividends and their present values เงินปันผลในอนาคตและมูลค่าปัจจุบันของเงินปันผล $ 0.25 Years (t) 0

11. If D 0 = $2 and g is a constant 6%, find the expected dividend stream for the next 3 years, and their PVs. 1.8761 1.7599 D 0 = 2.00 1.6509 k s = 13% g = 6% 0 1 2.247 2 2.382 3 2.12

12. If D 0 = $10 and g is a constant 5%, find the expected dividend stream for the next 3 years, and their PVs. IF k s = 10% 9.5455 9.1116 D 0 = 10.00 8.6972 k s = 10% g = 5% 0 1 11.025 2 11.576 3 10.50

13. 1.15 0 1 2 3 4 5 Years Dividend End of Supernormal Growth Period Supernormal Growth , 30 % normal Growth , 8 % zero Growth , 0 % Declining Growth , - 8 % normal Growth , 8 % อัตราการเจริญเติบโตของเงินปันผล

19. Valuing common stock with nonconstant growth  P ^ k s = 13% g = 30% g = 30% g = 30% g = 6%  0.06 $66.54 3 4.658 0.13   2.301 2.647 3.045 46.114 54.107 = P 0 0 1 2 3 4 D 0 = 2.00 2.600 3.380 4.394 ... 4.658

21. Valuing common stock with nonconstant growth  P ^ k s = 10% g = 50% g = 50% g = 50% g = 5%  0.05 ฿ 708.76 3 35.438 0.10   13.64 18.60 25.36 532.50 590.10 = P 0 0 1 2 3 4 D 0 = 10.00 15.00 22.50 33.75 ... 35.438

22. Nonconstant growth: What if g = 0% for 3 years before long-run growth of 6%? k s = 13% g = 0% g = 0% g = 0% g = 6% 0.06  $30.29 P 3 2.12 0.13    1.77 1.57 1.39 20.99 25.72 = P 0 ^ 0 1 2 3 4 D 0 = 2.00 2.00 2.00 2.00 ... 2.12

30. Given the long-run g FCF = 6%, and WACC of 10%, use the corporate value model to find the firm’s intrinsic value. g = 6% k = 10% 21.20 0 1 2 3 4 -5 10 20 ... 416.942 -4.545 8.264 15.026 398.197 21.20 530 = = TV 3 0.10 0.06 -