Wilton Wayfarers plc is a chain of travel
agents whose earnings have grown steadily at 12 per cent p.a. for several years
and are expected to do so for the foreseeable future. Calculate the equilibrium
price for their shares if the three-month treasury bill rate is 6 per cent, the
shares have a b-coefficient of 1.2 and the return on the FTSE-100 portfolio is
currently 18 per cent.
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