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Valence Electronics has 224 million shares outstanding. It expects earnings at the end of the...

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Valence Electronics has 224 million shares outstanding. It expects earnings at the end of the year of $840 million Valence pays out 40% of its earnings in total - 15% paid out as dividends and 25% used to repurchase shares. If Valence's earnings are expected to grow by 5% per year, these payout rates do not change, and Valence's equity cost of capital is 8%. What is Valence's share price? A. $7.50 B. $15.00 C. $50.00 D. $40.00

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