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❤Oliva · 2024年01月27日

terminal value的概念

  1. CFA II
  2. Equity

NO.PZ2018103102000042

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. After carefully considering the characteristics of the company and its competitors, she believes the company will have extraordinary growth for the next 4 years and normal growth thereafter. So, she has concluded that a two-stage DDM is the most appropriate for valuing the stock. PZ’s total dividends paid on 2017  was $0.22. She believes that the growth rate will be 12 percent the next 4 years and 6 percent afterwards. The estimated that the required return is 9 percent. What is the terminal value of the stock based on this approach?

选项：

A.

$12.23.

B.

$20.12.

C.

$31.09.

解释：

A is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：A是正确的。如表所示，终值V4= $12.23。

terminal value 不用再 除以（1+9%）^4 折现到现在吗？

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1 个答案

王园圆_品职助教 · 2024年01月27日

同学你好，请看以下一级Equity原版书的terminal value定义截图

注意，这个value是未来的那个时点的预期卖出价格，而不是现在的价格，所以不需要折现到0时刻

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