Aswath Damodaran 519
Expected Dividends and Terminal Value
Year EPS Payout Ratio DPS PV at 8. 76 %
1! 4. 65 34. 64 %! 1. 61! 1. 48
2! 4. 99 34. 64 %! 1. 73! 1. 46
3! 5. 36 34. 64 %! 1. 86! 1. 44
4! 5. 75 34. 64 %! 1. 99! 1. 42
5! 6. 18 34. 64 %! 2. 14! 1. 41
Present value of expected dividends =! 7. 22