DDM计算

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NO.PZ202504180100010603

问题如下：

Using the data in Exhibit 1 and following Eckhart’s suggestions regarding the valuation of ZTL, the most appropriate conclusion that Barton should make about the ZTL shares is that the fund should:

选项：

A.A.take a long position in ZTL. B.B.not add ZTL to the portfolio. C.C.take a short position in ZTL.

解释：

evaluate whether a stock is overvalued, fairly valued, or undervalued by the market based on a DDM estimate of value

老师，请问一下我算出来的前几年div增长率为7.563%（四次根号下div5/div1），代入求解2.53*(1+7.563%)/(10.48%-7.563%)=93.2925哪里不对呢？正确的计算过程是什么呢，谢谢！

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1 个答案

王园圆_品职助教 · 2025年05月15日

同学你好，计算分红增长率 1.89*（1+g)^4 = 2.53——g=7.56%

Re = 2.94%+1.2*6.28% = 10.476%

根据GGM V= 2.53*(1+7.56%) / (10.476%-7.56%) =93.32——注意，和现在的股价93.05相比，这两实在太接近了，说明这个股票很可能是被正确定价的，所以就不应该买入看涨或者卖空看跌该股票，而是不理它——选B

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NO.PZ202504180100010603 问题如下 Using the ta in Exhibit 1 anfollowing Eckhart’s suggestions regarng the valuation of ZTL, the most appropriate conclusion thBarton shoulmake about the ZTL shares is ththe funshoul A.A.take a long position in ZTL. B.B.not a ZTL to the portfolio. C.C.take a short position in ZTL. evaluate whether a stois overvalue fairly value or unrvaluethe market baseon a M estimate of value 老师，请问题目中ZTL公司经计算而得的Re = 2.94%+1.2*6.28% = 10.476%和题目中的已知Re = 10.48%近似，可以直接用已知的Re来算Price吧。还是需要用CAPM模型来求Re？如果结果不一致应该用哪个？

2025-06-02 11:20 1 · 回答