Estimating the Intrinsic Value using DDM

ABC Manufacturing is a company known for its steady growth and reliable dividend payments. Last year, it paid a dividend of $4 per share.

The company is expected to increase its dividend by 5% annually for the next three years, followed by a constant dividend growth rate of 3% thereafter. An investor requires a return of 8% on investments in similar companies. What is the estimated intrinsic value of the stock using the discounted dividend valuation model?