| Year | Dividend | PV @ 12% | PV of dividends |
| 2020 | 1.44 | 0.8929 | 1.2857 |
| 2021 | 1.656 | 0.7972 | 1.3202 |
| 2022 | 1.8216 | 0.7118 | 1.2966 |
| Total | 3.9024 |
Price at the end of 2022 = (1.8216* 105%) / (0.12 - 0.05) = 27.324
Present value of the price = 27.324 * 0.7118 = 19.4487
Current stock price = 3.9024 + 19.4487 = 23.3511
A share in Sapphire Ltd be expected to sell for today for $23.3511.
Any doubt please comment.
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