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Make any (sensible) assumptions you feel are appropriate

 

1. You have been asked by a client to forecast the dividend per share of Clouds plc over the next three years.  From initial investigation, you find out that the company paid a dividend of £1.00 per share last year.  An examination of analysts’ earnings forecasts points to an expected earnings per share of £3 next year which is an increase from the current earnings per share of £2.75.  The earnings per share two years from now is expected to be £3.50.  Using Lintner’s model, you estimate that the company has a long term payout rate of 60% and an adjustment factor of 50%.

 

 

2. Review the reasons why corporations issue dividends when it appears from a tax-perspective sub-optimal to do so.

 

3. In recent years, share repurchases have become more common than cash dividends.  Explain why you think this is so.