问题如下:
A Canadian company in the consumer staples sector with a required rate of return of 7.35%. Recent media reports suggest that ABC might be a takeover candidate. Peters and her team estimate that if a new government takes office in Canada, then the ABC will likely grow by 3.5% indefinitely.
If Peters and her team use the Gordon growth model and assume that Company ABC stock is fairly valued, then which of the following would most likely be true?
选项:
A.The total return of ABC stock will be 10.85%.
The dividend yield of ABC stock will be 3.85%
The stock price of ABC will grow at 7.35% annually
解释:
In the Gordon growth model, Total return = Dividend yield + Capital gains yield (i.e., constant growth rate). When a stock is fairly valued, the expected total return will equal the required return or discount rate (i.e., 7.35%). In the case of ABC, the total return is 7.35% and the capital gains yield is 3.5%. Therefore, the dividend yield is 7.35% – 3.5% = 3.85%
不明白这道题跟GGM模型有什么关系,GGM不是用D1,P0,g求ERP的嘛,但是求解用到的知识点我感觉是HPR那里的dividend yield 加capital gains