NO.PZ2015122802000167
问题如下:
An analyst is attempting to value shares of the Dominion Company. The company has just paid a dividend of $0.58 per share. Dividends are expected to grow by 20 percent next year and 15 percent the year after that. From the third year onward, dividends are expected to grow at 5.6 percent per year indefinitely. If the required rate of return is 8.3 percent, the intrinsic value of the stock is closest to:
选项:
A.
$26.00.
B.
$27.00.
C.
$28.00.
解释:
C is correct.
= 28
Note that D1 = 0.58(1.20) = 0.7, D2 = 0.58(1.20)(1.15) = 0.80, and P2 = D3/(k – g) = 0.80 (1.056)/(0.083 – 0.056) = 31.29
考点:Multi-stage Model
这道题就是未来现金流折现求零时刻的估值,未来有三笔现金流:D1、D2、和P2,那么我们把他们分被折现到零时刻就可以得到V0。
解析中计算已经写的很详细了,但是有几处提问较多:
1、“just paid”就是刚刚支付的意思,就是D0。
2、用计算器的步骤:第一步 计算出D1=0.7,D2=0.8,P2=31.29
第二步 用计算器:C1=0.7,C2=0.8+31.29, I=8.3 CPT NPV=28
3、因为从第三年开始永续增长,所以我们计算的是P2(相当于根据D3先计算得到P2), 因此解析里折现的是D1、D2+P2。你也可以用D4算P3,然后再将D1\D2\D3和P3一起折现到零时刻,两种算法的结果是一样的。
能画下图吗,再解释下题目