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计算要求回报率

* 问题详情，请查看题干

NO.PZ202303150300000302

问题如下：

Using the H-model, the information in Exhibits 1 and 2, and Jatin’s estimates for growth and required return on the stock, the intrinsic value of CRN’s stock as of 20X3 is closest to:

选项：

A.$22.22. B.$17.55. C.$18.38.

解释：

Solution

C is correct. The H-model is $V_{0} = \frac{D_{0} (1 + g_{L}) + D_{0} H (g_{S} - g_{L})}{r - g_{L}}$ ,where

D₀ = Dividend/Number of shares

D₀ = $48/$50 = $0.96

g_S = Initial short-term dividend growth rate = 20%

g_L = Normal long-term dividend growth rate = 6%

r = 11% + 2% = 13%

H = 4/2 = 2

$\frac{D_{0} (1 + g_{L})}{r - g_{L}}$ = $\frac{0.96 (1.06)}{0.13 - 0.06}$ = 14.54

$\frac{D_{0} H (g_{S} - g_{L})}{r - g_{L}}$ = $\frac{0.96 \times 2 (0.20 - 0.06)}{0.13 - 0.06}$ = $3.84

V₀ = $14.54 + $3.84

= $18.38

A is incorrect. It uses 2H (instead of H) in the second part of the equation.

D₀(1 + g_L)/(r – g_L) = 0.96 × 1.06/(0.13 – 0.06) = $14.54;

D₀2H(g_S – g_L)/(r – g_L) = 0.96 × 4(0.20 – 0.06)/(0.13 – 0.06) = $7.68

V₀ = $14.54 + $7.68 = $22.22

B is incorrect. It neglects to multiply D₀ by the long-term growth rate in the first part of the equation.

D₀/(r – g_L) = 0.96/(0.13 – 0.06) = $13.71;

D₀H(g_S – g_L)/(r – g_L) = 0.96 × 2(0.20 – 0.06)/(0.13 – 0.06) = $3.84

V₀ = $13.71 + $3.84

= $17.55

老师好，本题答案中要求回报率 r = 11% + 2% = 13%

我审题时，是按照ROE=120/(800+87.3)+2%=15.52%来计算的。

麻烦您帮忙看一下我的解题思路错在哪里：

1、Jatin disagrees with Alahtab’s preference for the Gordon growth model.

2、Alahtab ues the capital asset pricing model (CAPM), he arrives at 11% as the required rate of return on the stock.

3、问题的题干是Using Jatin’s estimates for growth and required return on the stock来计算。

所以，为什么不是使用ROE来代替要求回报率呢？

计算要求回报率

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