PNC bank recently paid a dividend, D0, of $2.25. It expects…
PNC bank recently paid a dividend, D0, of $2.25. It expects to have nonconstant growth of 25% next year, 18% in year two, and 12% the year after that before settling down to a constant growth rate of 6.0% thereafter. The firm’s required return is 9.00%. Based on this information, what should a share of PNC’s stock be selling for today?
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