Your task is to value a share of String Cheese Inc. (SCI) stock. The firm is not expected to pay a dividend at t=1. Div2 is forecasted to be $15.00.

Dividends will then grow by 8%/year for three years. Thereafter, dividends will grow by 5.00%

forever. The required return on SCI's stock is 13.00%.

Here is a timeline for SCI stock's anticipated dividend stream:

time	0	1	2	3	4	5	6	7	8	9	etc.
Divt			15.00	15.00 x 1.08	15.00 x1.08^2	15.00 x1.08^3	15.00 x1.08^3 x1.05	15.00 x1.08^3 x1.05^2	15.00 x1.08^3 x1.05^3	15.00 x1.08^3 x1.05^4	g=5% forever

Note that Div5 anchors the growing perpetuity, as every dividend after it is bigger than the prior one by 5%.

What is a fair price for SCI stock today?