LMN Tech Ltd. is a rapidly growing technology company. The management has just paid an annual dividend of ₹10 per equity share. Due to a recent technological breakthrough, the company expects a supernormal growth phase where its dividends will grow at a rate of 15% per annum for the next 3 years.

After this 3-year period of extraordinary growth, the company's competitive advantage is expected to stabilize, and the dividend growth rate will transition to a constant normal growth rate of 5% perpetually into the future. The required rate of return on the company's equity (Ke) as demanded by investors is 12%.

An equity analyst is evaluating the intrinsic value of LMN Tech Ltd.'s shares using the two-stage dividend discount model.