Alloni ASA has 3 million shares with a market value of NOK 50 per share on 01.01.2016. Expected earnings this year (2016) are NOK 24 million after tax. Alloni is financed by equity only. The shareholders are expecting 18% return on their investment in Alloni after tax. The corporate tax is 20%. Alloni pay all earnings after tax in dividend on 31.12.2016. All the information provided.
What is the expected market value of the shares on 31.12.2016, just after the dividend is paid?
What is the expected market value of the shares on 31.12.2016, just after the dividend is paid if the company were exempted from taxes?
What is the expected market value of the shares on 31.12.2016?
There is no information about the growth rate. I tried using the formula Pcum-Pex=div((1-td)/(1-tg)), but I got 42, which isn't the correct answer. I've also tried using P=EPS*P/E-ratio.