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王振宇 · 2024年07月13日

这个题怎么按计算器呀

  1. CFA I
  2. Quantitative

NO.PZ2022123001000155

问题如下：

Suppose Mylandia announces that it expects significant cash flow growth over the next three years, and now plans to increase its recent CAD2.40 dividend by 10 percent in each of the next three years. Following the 10 percent growth period, Mylandia is expected to grow its annual dividend by a constant 3 percent indefinitely. Mylandia’s required return is 8 percent. Based upon these revised expectations, The expected share price of Mylandia stock is:

选项：

A.

CAD49.98

B.

CAD55.84

C.

CAD59.71

解释：

C is correct. Following the first step, we observe the following expected dividends for Mylandia for the next three years:

In 1 year: D1 = CAD2.64 (=2.40×1.10)

In 2 years: D2 = CAD2.90 (=2.40×1.102)

In 3 years: D3 = CAD3.19 (=2.40×1.103)

The second step involves a lower 3 percent growth rate. At the end of year four, Mylandia’s dividend (D4) is expected to be CAD3.29 (=2.40×1.103 ×1.03). At this time, Mylandia’s expected terminal value at the end of three years is CAD65.80 using Equation 17, as follows:

E( St +n ) = 3.29/(0.08-0.03) = 65.80.

Third, we calculate the sum of the present values of these expected dividends using Equation 16:

PVt =2.64/1.08 + 2.90/1.082 + 3.19/1.083 + 65.80/1.083 = 59.71 .

如何按计算器

CF0=2.4

CF1=2.64

CF2=2.90

CF3=3.19

CF4=65.71

IRR=8

为什么是错误的

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1 个答案
已采纳答案

品职助教_七七 · 2024年07月13日

嗨，努力学习的PZer你好：


1）D0=2.4是已经付过的股利。资产价格为未来的现金流折现，计算股价时不能把过去的现金流D0再次考虑进去。CF0应为0；

2）D4=D3×（1+3%）=3.19×1.03=3.29，所以根据永续股利模型算出来的股票价格应为：P3=D4/(r-g)=65.80。注意这是计算到3时点的股价，不是4时点。所以C03应为3.19+65.80=68.99，没有C04。

调整后的计算器按键如下：

CF0=0，C01=2.64，C02=2.90，C03=3.19+65.80=68.99；I=8，CPT NPV=59.6972，和答案的细微差异源自计算过程中的四舍五入。

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努力的时光都是限量版，加油！

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