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On the Intrinsic Value of Company's Stock

Annual growth after three years 10%. With the bonus of 3 yuan, the income will reach 12%, which means that 3 yuan accounts for 2% and the value is 150 yuan. Considering the three-year growth of 15%, it is much higher than the growth of 12% (1.15/12) 3 =1.08 times. The discount error of 3 yuan dividends in 12% in the previous three years is not considered here, but the error is very small.

By the way, the growth rate of 10% will be maintained forever, and dividends will also go up.