Risk free rate = 0.016         Market rate = 0.136

1. Lumen has a beta of 0.95 and a fixed dividend of $1.00 a share.  Find its intrinsic value.  If its current price is $11.28, is the stock over or under valued?
2. Rogers Communications has a beta of 0.95, a current dividend of $2.10, and a growth rate of 7.6%.  Find its intrinsic value.  If it's currently selling at $58.59, is it over or under valued?
3. The information for Siemens is below.  Use the Combined Dividends & Earnings Model to find its intrinsic value. Forecast its cash flows for 2023, 2024, and 2025.  If its current price is $62.62, is it over or under valued?

	2022
EPS	5.50
Beta	1.05
Average DPO	0.573
Growth rate	0.075
Average P/E	17.467