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Liuliu · 2024年01月18日

D4

  1. CFA II
  2. Equity

NO.PZ2018103102000089

问题如下：

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $1.0 per share and 7.5%, respectively. The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What`s the value of Company M?

选项：

A.

$22.66

B.

$24.15

C.

$25.15

解释：

B is correct.

考点：Two Stage Model

解析：

PV3=D4r−gL=1.197.5%−3%PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}=26.44

P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}=24.15

请问一下D4 为什么是1.19 不应该是 D4=1*（1+5%）^4 =1.2155嘛

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1 个答案

王园圆_品职助教 · 2024年01月21日

同学你好，请看这句话“ The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future”

高速增长的5%的期间只有3年

从第4年开始，g下降为3%

所以D4 = D0*1.05^3*1.03

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