determine the growth rate for Period 1 using the average growth rate in dividends

for the past 5 years

• estimate the growth rate for Period 2 using your discussion in the

  company's/industry current issues section

• estimate the terminal (Period 3) growth rate using a proxy that represents the long-

  term growth rate and calculate the terminal value

• calculate the present value of each future dividend and the terminal value, then add them to calculate the intrinsic value of the company

Year End June 2020 2019 2018 2017 Total Dividend $1.00 $1.02 $0.36 $0.32 $0.05 Growth -2.0% 183.3% 12.5% 540.0% 2016 Average 183.5% current dividend discount rate $1.00 11.52% Year End June 2020 2019 2018 2017 Total Dividend $1.00 $1.02 $0.36 $0.32 $0.05 Growth -2.0% 183.3% 12.5% 540.0% 2016 Average 183.5% current dividend discount rate $1.00 11.52%