QUESTION 26

Note: Assuming the Ave Price was already calculated as taking the (high price +low price)/2. Thus, you just use the Ave Price as Price when calculating P/CF ratios.

Given the above information, using cash flow per share from 2018 to 2022 to conduct Price Ratio Analysis to estimate the stock price in 2023.

This question is a 14-point question. Thus, all intermediate calculation results are required to be shown.The question involves multiple steps. Calculations from each step needs to be typed here.

Please note: you can type the calculation process for 2019 (such as growth rate from 2018 to 2019), then just show the results of the rest of growth rates since you are using the same way to get the growth rate for each following year. Same applies to P/CF.

Make sure you write down all intermediate calculation results. Simply write down the final stock price will not yield any credit. In other words, show the P/CF for each year, CF growth rates for each period, averages of P/CF and growth rates, and how you get the estimated stock price by type up the equation with actual numbers.