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leileisure · 2024年05月10日

TV计算

  1. CFA II
  2. Equity

NO.PZ2018103102000076

问题如下：

Company M`s dividends are suspended for the first four years because of the significant growth opportunity. The management states that the company will pay the dividend of $2.5 per share during the fifth year. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The required rate of return is 12%. What`s the intrinsic value of Company M`s stock?

选项：

A.

$20.83

B.

$35.71

C.

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

P4=D5r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{D_5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69

为什么不是 2.5*1.05/7%

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1 个答案

王园圆_品职助教 · 2024年05月10日

同学你好，你的这种计算方法也可以计算啊。

不过因为2.5*（1+5%）是第6年的分红，所以2.5*（1+5%）/7%计算的终值是P5而非P4，之后需要和第五年的分红2.5一起再向前折现到0时刻即可。得出来的结果和本题是一样的

V0 = 2.5/（1+12%）^5 + [2.5*(1+5%)/(12%-5%)]/（1+12%）^5 

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