NO.PZ201710200100000202
问题如下：
2. Using her first valuation approach and Exhibit 1, Withers’s forecast of the per share stock value of Ukon Corporation at the end of 2017 should be closest to:
选项：
A.EUR 48.
B.EUR 50.
C.EUR 51
解释：
C is correct based on Withers’s assumptions applied to the dividend valuation model. The stock value as of the end of 2017 equals the present value of all future dividends in 2018 through 2021 plus the present value of the terminal value at the end of 2021. The forecasted stock value equals EUR 51.254:
60.795
44.686
2022
2.815(1.03) = 2.899
Total
51.254
The terminal value at the end of 2021 is calculated using the dividend in the first year beyond the first stage, divided by the difference between the required rate of return and the growth rate in the second stage.
Terminal value at end of 2021 = 2.815*(1.03)/ ( 0.08−0.03 ) =57.980
我计算方式是：第二阶段的GGM=2.68*1.03/0.05=55.208，跟答案不一致，但没觉得哪里有错？
