Ironore Limited is an iron mining company whose mines are slowly being depleted (i.e., lit
Ironore Limited is an iron mining company whose mines are slowly being depleted (i.e., little by little, the amount of iron ore available in the mine is declining as the ore is extracted each year). Therefore, investors expect Ironore's Net Income to decline each year by 2%, and, since Ironore is a shrinking company, it is expected to pay out all of its Net Income as dividends to its shareowners. What is your estimate of Ironore's intrinsic value per share? Assume investors require a minimum rate of return = 10% on an investment in Ironore stock.