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SYc · 2023年11月26日

这个题怎么按计算器呢

  1. CFA I
  2. Quantitative

NO.PZ2023052407000004

问题如下：

Suppose Mylandia announces that it expects significant cash flow growth over the next three years, and now plans to increase its recent CAD2.40 dividend by 10 percent in each of the next three years. Following the 10 percent growth period, Mylandia is expected to grow its annual dividend by a constant 3 percent indefinitely. Mylandia’s required return is 8 percent. Based upon these revised

expectations, The expected share price of Mylandia stock is:

选项：

A.

CAD49.98

B.

CAD55.84

C.

CAD59.71

解释：

C is correct. Following the first step, we observe the following expected dividends for Mylandia for the next three years:


The second step involves a lower 3 percent growth rate. At the end of year four, Mylandia’s dividend (D4) is expected to be CAD3.29 (=2.40×1.103×1.03). At this time, Mylandia’s expected terminal value at the end of three years is CAD65.80 using Equation 17, as follows:


Third, we calculate the sum of the present values of these expected dividends using Equation 16:


这个题怎么按计算器呢


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1 个答案

星星_品职助教 · 2023年11月27日

同学你好，

本题为非规则现金流，不能使用第三排五个键的年金模式来直接按出答案。

可以考虑使用CF功能，其中第三笔现金流为3.19+65.80=68.99

CF0=0，CF1=2.64，CF2=2.90，CF3=68.99，所有的F01到F03都直接按向下箭头略过即可。

此后按NPV键，输入利率I=8，按向下箭头后，CPT NPV=59.6972. 与答案的细微差距源于四舍五入。


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