猜对了，但为啥这里算r时的beta可以默认为1？

问题如下：

Eckhart asks Barton to value HTR’s non-callable perpetual preferred stock as a potential investment for the fund. The stock, currently privately held, pays a fixed annual dividend of $7.50. After performing some industry analysis, Barton decides to use an equity risk premium of 6% in valuing the stock. Current risk free rate of return is 2.94%.

Barton’s estimate of the fair value for HTR’s preferred stock is closest to:

选项：

$125

$84

$81

解释：

Fair value for a non-callable fixed rate perpetual preferred stock is the Gordon growth model result with g = 0.

V0=7.50/(2.94%+6%)=$83.89