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Halliford Corporation expects to have earnings this coming year of

$2.668 per share. Halliford plans to retain all of its earnings for the next two years.​ Then, for the subsequent two​ years, the firm will retain 52% of its earnings. It will retain 18% of its earnings from that point onward. Each​ year, retained earnings will be invested in new projects with an expected return of 20.5% per year. Any earnings that are not retained will be paid out as dividends. Assume​ Halliford's share count remains constant and all earnings growth comes from the investment of retained earnings. If​ Halliford's equity cost of capital is 8.8%​, what price would you estimate for Halliford​ stock?
The stock price will be ___?___

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Subject: Business, Finance
Halliford Corporation expects to have earnings this coming year of $2.668 per share. Halliford plans to retain all of its earnings for the next two...
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