开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

豆好 · 2019年12月11日

问一道题：NO.PZ2018103102000076

  1. CFA II
  2. Equity

问题如下：

Company M`s dividends are suspended for the first four years because of the significant growth opportunity. The management states that the company will pay the dividend of $2.5 per share during the fifth year. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The required rate of return is 12%. What`s the intrinsic value of Company M`s stock?

选项：

A.

$20.83

B.

$35.71

C.

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

$$P_4=\frac{D_5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69$$

根据画图法，第五年分红，那就是第四年年末第五年年初有2.5的分红，然后进入永旭增长。 所以，应该用2.5*（1+5%） 才对啊

添加评论
2 个答案

lanxin_sun · 2020年04月12日

P5折五年跟p4折4年我算的答案不一样。V0 = [D5(1+g)/r-g]/(1+r)^5 这个对吗？

其次终值p5这些为什么d5不折现呢？

lanxin_sun · 2020年04月12日

懂了 d5要折现5年相加答案一致

maggie_品职助教 · 2020年04月13日

加油

maggie_品职助教 · 2019年12月12日

这道题第一阶段是前四年（没有分红），第二阶段是永续增长阶段，从第五年开始，第五年末收到第一笔分红，相当于D1。答案中求的是P4，相当于D1往零时刻折现得到的P0。


樊小容 · 2020年02月18日

为什么不是算p5？

maggie_品职助教 · 2020年02月19日

可以算P5啊，如果算P5，就是把P5和D5一起折5年到零时刻得到的结果是一样的，你可以算一下。

  • 2

    回答

  • 2

    关注

  • 449

    浏览
相关问题

NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83B.$35.71C.$22.69C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69为什么不是 2.5*1.05/7%

2024-05-10 11:10 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69 老师，这道题我读完题把它理解成了三阶段的Mol，我把第5年单独作为了一个阶段，然后5年乘增长率，然后求出PV，再用CF求最后值，这样可以么？2）1-4年是没红利，CF1-CF4不输入零，可以么？

2023-07-29 16:05 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69 前面方法跟答案解析一直，我用CF的方法 求NPV，CF01到CF04都输入0，CF5输入35.71， I/Y12, 最后NPV算出来等于20.268，请问老师 我哪里错了吗？

2023-05-28 18:29 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69 请问老师，为什么不用加前面2.5/1.12+2.5*1.05/1.12^2+...那些？

2022-07-17 18:56 1 · 回答

NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69如果我没理解错的话。。题目的意思是前五年每年分红2.5元（即==···==2.5），开始增长5%，为什么至不折现？

2022-04-12 13:53 1 · 回答