NO.PZ2023032701000021
问题如下：
Talisman is an independent upstream oil and gas company headquartered in Calgary, Canada. Talisman pays semi-annual dividends. The total dividends during 2008 last year have been C$0.175.
Dobson is using two-stage DDM to estimate the value of the stock.
The dividend growth rate will be 14 percent throughout the first stage of eight years. The dividend growth rate thereafter will be 7 percent.
Dobson is using the CAPM to estimate the required return on equity for Talisman. He has estimated that the beta of Talisman, as measured against the S&P/TSX Composite Index (formerly TSE 300 Composite Index), is 0.84. The Canadian risk-free rate, as measured by the annual yield on the 10-year government bond, is 4.1 percent. The equity risk premium for the Canadian market is estimated at 5.5 percent.
What proportion of the total value of the stock is represented by the value of second stage?
选项：
A.
0.10
B.
0.52
C.
0.90
解释：
Based on these data, Dobson has estimated that the required return on Talisman stock is 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.
The following table provides the calculations needed to compute the value of the stock using the first approach, including the calculations for the terminal value V8. As the table shows, the terminal value V8=C$31.0550.
As shown in the above table, the value of the second stage = PV of V8= C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.
正常来说第二阶段的值一定会占很大一部份，看到选项第二大的也就0.52，考试遇到这种选项差距特别大的是不是都直接可以无脑选最大的了？
