What is the current fair price of the shares

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Question - A heavy equipment distributor company achieved sales of $200 million this year. Along with the increase in demand for heavy equipment for mining, sales are expected to increase by 20% next year and 15% in the following year. The company, which has 5 million outstanding shares, targets a net profit margin of 10% and distributes dividends with a 40% payout ratio.

1. Currently, the risk-free rate is 11% and the expected market return is 16%. Meanwhile, from observations of stock prices and the historical Stock Market Index, every 1% change in the Stock Market Index will be responded to by a 1.2% change in stock prices in the same direction. What is the cost of equity of this stock?

2. If at the end of the second year, heavy equipment stocks are expected to have a P/E ratio of 8.0x, what is the current fair price of the shares?

Reference no: EM133051521

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