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9. Stocks that don't pay dividends yet A3 A3 a Goodwin Technologies, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts that Goodwin is likely to pay its rst dividend three years from now. She expects Goodwin to pay a 353.0000 dividend at that time (D3 = $10000) and believes that the dividend will grow by 15.60% for the following two years (04 and D5). However, after the fth year, she expects Goodwin's dividend to grow at a constant rate of 3.78% per year. Goodwin's required return is 12.60%. Fill in the following chart to determine Goodwin's horizon value at the horizon datewhen constant growth beginsand the current intrinsic value. To increase the accuracy of your calculations, carry the dividend values to four decimal places. Term Value Horizorirzioo :1 Current Intrinsic value \\:I If investors expect a total return of 13.60%, what will be Goodwin's expected dividend and capital gains yield in two yearsthat is, the year before the rm begins paying dividends? Again, remember to carry out the dividend values to four decimal places. (Hint: You are at year 2, and the rst dividend is expected to be paid at the end of the year. Find DY3 and CGY3.) Expected dividend yield (DY3) I: Expected capital gains yield (CGY3) [:1 Goodwin has been very successful, but it hasn't paid a dividend yet. It circulates a report to its key investors containing the following statement: Goodwin has yet to record a prot (positive net income). Is this statement a possible explanation for why the rm hasn't paid a dividend yet? 0 Yes 0 No Flash Player WIN 2700.183 Q3 3.34.1?"2004'2Dl Aplia. All rights reserved. . if 2013 Cangage Learning except as noted. All rights reserved. Grade It Now Save 8' Continue