Assume Colgate-Palmolive Company has just paid an annual dividend of $0.98. Analysts are predicting an 10.1% per year growth rate in earnings over the next five years. After that, Colgate's earnings are expected to grow at the current industry average of 4.8% per year. If Colgate's equity cost of capital is 9.2% per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Colgate stock should sell?
The value of Colgate's stock is $ - (Round to the nearest cent.)