开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

天文爱好者 · 2024年03月03日

折现率为什么是8.72 而不是无风险折现率

  1. CFA II
  2. Equity

NO.PZ2023032701000021

问题如下：

Talisman is an independent upstream oil and gas company headquartered in Calgary, Canada. Talisman pays semi-annual dividends. The total dividends during 2008 last year have been C$0.175.

Dobson is using two-stage DDM to estimate the value of the stock.

The dividend growth rate will be 14 percent throughout the first stage of eight years. The dividend growth rate thereafter will be 7 percent.

Dobson is using the CAPM to estimate the required return on equity for Talisman. He has estimated that the beta of Talisman, as measured against the S&P/TSX Composite Index (formerly TSE 300 Composite Index), is 0.84. The Canadian risk-free rate, as measured by the annual yield on the 10-year government bond, is 4.1 percent. The equity risk premium for the Canadian market is estimated at 5.5 percent.

What proportion of the total value of the stock is represented by the value of second stage?

选项：

A.

0.10

B.

0.52

C.

0.90

解释：

Based on these data, Dobson has estimated that the required return on Talisman stock is 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.

The following table provides the calculations needed to compute the value of the stock using the first approach, including the calculations for the terminal value V8. As the table shows, the terminal value V8=C$31.0550.

As shown in the above table, the value of the second stage = PV of V8= C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.

折现率为什么是8.72 而不是无风险折现率

添加评论
1 个答案

王园圆_品职助教 · 2024年03月03日

同学你好，只有无风险资产才能用无风险收益率来折现

这道题是要求股票的价值，股票是有风险资产，必须用匹配的有风险的折现率进行折现才可以哦

同学注意，Equity这门课中，除非option，是不可能出现用无风险收益率来折现的情况的哦。

  • 1

    回答

  • 0

    关注

  • 155

    浏览
相关问题

NO.PZ2023032701000021 问题如下 Talismis inpennt upstreoil angcompany heauarterein Calgary, Cana. Talismpays semi-annuvin. The totvin ring 2008 last yehave been C$0.175.bson is using two-stage M to estimate the value of the stock.The vingrowth rate will 14 percent throughout the first stage of eight years. The vingrowth rate thereafter will 7 percent.bson is using the CAPM to estimate the requirereturn on equity for Talisman. He hestimateththe beta of Talisman, measureagainst the S P/TSX Composite Inx (formerly TSE 300 Composite Inx), is 0.84. The Canarisk-free rate, measurethe annuyielon the 10-yegovernment bon is 4.1 percent. The equity risk premium for the Canamarket is estimate5.5 percent.Whproportion of the totvalue of the stois representethe value of seconstage? A.0.10 B.0.52 C.0.90 Baseon these tbson hestimateththe requirereturn on Talismstois 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.The following table provis the calculations neeto compute the value of the stousing the first approach, inclung the calculations for the terminvalue V8. the table shows, the terminvalue V8=C$31.0550.shown in the above table, the value of the seconstage = PV of V8= C$15.9095. The totvalue is C$17.6528. a proportion, the seconstage represents 15.9095/17.6528 = 0.90 of the totvalue. 为何此处的imply g和行业ROE*b得出来的g有什么联系吗，或两者可以等同吗？

2023-10-16 23:11 1 · 回答

NO.PZ2023032701000021 问题如下 Talismis inpennt upstreoil angcompany heauarterein Calgary, Cana. Talismpays semi-annuvin. The totvin ring 2008 last yehave been C$0.175.bson is using two-stage M to estimate the value of the stock.The vingrowth rate will 14 percent throughout the first stage of eight years. The vingrowth rate thereafter will 7 percent.bson is using the CAPM to estimate the requirereturn on equity for Talisman. He hestimateththe beta of Talisman, measureagainst the S P/TSX Composite Inx (formerly TSE 300 Composite Inx), is 0.84. The Canarisk-free rate, measurethe annuyielon the 10-yegovernment bon is 4.1 percent. The equity risk premium for the Canamarket is estimate5.5 percent.Whproportion of the totvalue of the stois representethe value of seconstage? A.0.10 B.0.52 C.0.90 Baseon these tbson hestimateththe requirereturn on Talismstois 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.The following table provis the calculations neeto compute the value of the stousing the first approach, inclung the calculations for the terminvalue V8. the table shows, the terminvalue V8=C$31.0550.shown in the above table, the value of the seconstage = PV of V8= C$15.9095. The totvalue is C$17.6528. a proportion, the seconstage represents 15.9095/17.6528 = 0.90 of the totvalue. 请问这道题计算器怎么按

2023-09-17 18:52 1 · 回答

NO.PZ2023032701000021 问题如下 Talismis inpennt upstreoil angcompany heauarterein Calgary, Cana. Talismpays semi-annuvin. The totvin ring 2008 last yehave been C$0.175.bson is using two-stage M to estimate the value of the stock.The vingrowth rate will 14 percent throughout the first stage of eight years. The vingrowth rate thereafter will 7 percent.bson is using the CAPM to estimate the requirereturn on equity for Talisman. He hestimateththe beta of Talisman, measureagainst the S P/TSX Composite Inx (formerly TSE 300 Composite Inx), is 0.84. The Canarisk-free rate, measurethe annuyielon the 10-yegovernment bon is 4.1 percent. The equity risk premium for the Canamarket is estimate5.5 percent.Whproportion of the totvalue of the stois representethe value of seconstage? A.0.10 B.0.52 C.0.90 Baseon these tbson hestimateththe requirereturn on Talismstois 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.The following table provis the calculations neeto compute the value of the stousing the first approach, inclung the calculations for the terminvalue V8. the table shows, the terminvalue V8=C$31.0550.shown in the above table, the value of the seconstage = PV of V8= C$15.9095. The totvalue is C$17.6528. a proportion, the seconstage represents 15.9095/17.6528 = 0.90 of the totvalue. 这题目里面讲的是半年付一次vin为什么答案还是按照一年付一次进行计算？

2023-05-15 19:58 3 · 回答