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Olivia.W🌸 · 2024年01月31日

为什么分子不是2.4*1.03？

  1. CFA I
  2. Quantitative

NO.PZ2022123001000155

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:

In 1 year: D1 = CAD2.64 (=2.40×1.10)

In 2 years: D2 = CAD2.90 (=2.40×1.102)

In 3 years: D3 = CAD3.19 (=2.40×1.103)

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:

E( St +n ) = 3.29/(0.08-0.03) = 65.80.

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

PVt =2.64/1.08 + 2.90/1.082 + 3.19/1.083 + 65.80/1.083 = 59.71 .


这个1.103是怎么来的呢？

为什么分子不是2.4*1.03？

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1 个答案

品职助教_七七 · 2024年02月02日

嗨，爱思考的PZer你好：


此处应为D4=3.29=2.40×1.10^3×1.03。

2.40×1.10^3是从D1转化到D3；再乘以1.03，即从D3转化到了D4。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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