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In addition, I assume a constant perpetuity for RE after 2005, i.e., all the REs after 2005 equals to RE2
1999
2000
2001
EPS
2.39
3.45
DPS
1.06
1.12
11.29
13.62
residual earning(11%)
1.29
2.21
ROCE
24%
31%
PV of RE
1.17
1.79
BPS
9.96
total PV of RE to 2004
3.78
PV of CV
1.73
15.47
11%
0.32
V1999=?
15.47
18.90
2003
2004
2005
2.28
2.00
1.71
1.16
1.22
1.24
14.74
15.52
15.99
0.78
0.38
0.00
0.32
17%
14%
11%
13%
0.57
0.25
0.00
CV at 2004
2.91
1.73
at 2004