Calculate the intrinsic share price the stock below given the dividend history. A two-stage growth model must be used in the discounted dividend model.

Required return = 16%

Growth for the first 3 years = 3.5%

Growth from year 4-10 = 4%

Please provide full working.

Dividends are paid twice yearly.

Dividend ($)

0.66

0.79

0.73

0.91

0.83

0.95

0.86

0.95

0.8

0.8

0.8

0.8

0.8

0.8

0.8

0.8

0.25

0.35

0.7

0.72

0.72