ZF Everyday · 2022年08月27日
* 问题详情，请 查看题干
NO.PZ201710200100000105
问题如下：
5. If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:
选项：
A.US$19.58
B.US$20.36
C.US$21.54
解释：
C is correct.
The current value of XYZ stock would be calculated as follows:
V0 = [P3/(1 + r)3], where P3 = D4/(r – g).
Given D4 = 1.72, r = 10%, and g = 4%,
V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.
D0是第一年初，D1是第二年初，第一年末；
题目中说的是第四年初有分红是1.72，所以不应该计算为D4 = 1.72*（1+g）么，
怎么理解到底是第三年末第四年初的分红还是第四年的分红？
NO.PZ201710200100000105 问题如下 5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 感觉题目都不太懂，说四年内不分红，为什么又说from now on 开始分红，从现在开始分红，题目哪里看出是四年后分红啊
NO.PZ201710200100000105问题如下5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to:A.US$19.58B.US$20.36C.US$21.54C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.pvinof 1.72 beginning 4 years,第四年开始派息，那第四年年末1.72，我用它乘（1➕g）再折现4年，得到20.36 B，为什么不对呢？
NO.PZ201710200100000105 the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. 不是 接下去三年没发v 第四年才发么 我的计算哪里有错
NO.PZ201710200100000105 难道不是====1.72, P4=/(r-g）,然后把，，，和P4都折现到0时刻吗？
