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Ivy · 2022年07月17日

请问老师，为什么不用加前面2.5/1.12+2.5*1.05/1.12^2+...那些？

  1. CFA II
  2. Equity

NO.PZ2018103102000076

问题如下：

Company M`s dividends are suspended for the first four years because of the significant growth opportunity. The management states that the company will pay the dividend of $2.5 per share during the fifth year. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The required rate of return is 12%. What`s the intrinsic value of Company M`s stock?

选项：

A.

$20.83

B.

$35.71

C.

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

P4=D5r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{D_5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69

请问老师，为什么不用加前面2.5/1.12+2.5*1.05/1.12^2+...那些？

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1 个答案

王园圆_品职助教 · 2022年07月17日

嗨，努力学习的PZer你好：


同学请注意仔细审题：“Company M`s dividends are suspended for the first four years”——这里明确说了前面4年时没有分红的，也就是D1到D4都是0，从第五年才开始有Dividend

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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