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娈安 · 2024年10月31日

老师不懂

NO.PZ2023040301000144

问题如下:

An investor evaluating a company's common stock for investment has gathered the following data.

The value per share of this common stock is closest to:

选项:

A.

$28.57

B.

$31.57

C.

$38.7

解释:

Current year's dividend per share =$2.50x0.6=$1.50

V=1.50(1.25)/1.12+1.50(1.25)2/1.122+1.50(1.25)2(1.05)/(0.12-0.05)}/1.122 = $1.67+$1.87+ 28.03 =$31.57

不明白为什么第二阶段还要除一个1.12的平方~


1 个答案

王园圆_品职助教 · 2024年10月31日

同学你好,你问的”第二阶段还要除一个1.12的平方“是针对的terminal value——”1.50(1.25)2(1.05)/(0.12-0.05)}“嘛?

公司第三年和以后所有永续增长阶段的分红一起根据GGMP0 = D1/(r-g)公式计算,只能折现到第2年的年末哦,即P2 = D3/(r-g) = 1.50(1.25)2(1.05)/(0.12-0.05)

我们现在要求0时刻的股价V0,就需要把P2再折现2年到0时刻,才可以哦

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