In a research note on the ordinary shares of the Milan Fashion Group (MFG) dated early July 2007 when a recent price was € 7.73 and projected annual dividends were € 0.05, an analyst stated a target price of € 9.20. The research note did not discuss how the target price was obtained or how it should be interpreted. Assume the target price represents the expected price of MFG. What further specific pieces of information would you need to form an opinion on whether MFG was fairly valued, overvalued, or undervalued?