A company has paid annual dividends of RM0.48, RM0.60 and RM0.62 a share over the past three years, respectively. The company now predicts that it will maintain a constant dividend since its business has leveled off and sales are expected to remain relatively constant. Given the lack of future growth, you will only buy this stock if you can earn at least 14% rate of return. What is the maximum amount you are willing to pay for one share of this stock today?
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