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dejiazheng · 2024年05月25日

CF的折现率为什么是7.5%而不是5%？

  1. CFA II
  2. Equity

NO.PZ2018103102000089

问题如下：

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $1.0 per share and 7.5%, respectively. The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What`s the value of Company M?

选项：

A.

$22.66

B.

$24.15

C.

$25.15

解释：

B is correct.

考点：Two Stage Model

解析：

PV3=D4r−gL=1.197.5%−3%PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}=26.44

P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}=24.15

是否有其他条件导致折现率的选择有差异？

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1 个答案

王园圆_品职助教 · 2024年05月25日

同学你好，“The company will experience a highly growth of 5% during the first three years'——这个5%是公司的高速增长率，是DDM中第一阶段的g1=5%的意思

” The most recent dividend and the required rate of return are $1.0 per share and 7.5%, respectively.“——这句话是说最近的分红也就是D0 = 1，以及要求回报率也就是GGM里面的Re = 7.5%


增长率 g和要求回报率 Re是两个完全不同的概念，同学注意看清题目表述，不要混淆了哦

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