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zhy · 2020年02月22日

问一道题：NO.PZ2018103102000042

  1. CFA II
  2. Equity

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. After carefully considering the characteristics of the company and its competitors, she believes the company will have extraordinary growth for the next 4 years and normal growth thereafter. So, she has concluded that a two-stage DDM is the most appropriate for valuing the stock. PZ’s total dividends paid on 2017  was $0.22. She believes that the growth rate will be 12 percent the next 4 years and 6 percent afterwards. The estimated that the required return is 9 percent. What is the terminal value of the stock based on this approach?

选项：

A.

$12.23.

B.

$20.12.

C.

$31.09.

解释：

A is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：A是正确的。如表所示，终值V4= $12.23。

是否可以把teminal value 记为：开始永续稳定增长的那一年的value？

持续增长的那段GGM折现到对应开始那年就OK?

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1 个答案

maggie_品职助教 · 2020年02月23日

嗨，从没放弃的小努力你好：


不对哦，以这道题为例，永续增长从第五年开始，根据GGM：V4=D5/r-g,我们计算的终值就是第四年的。V4即终值阶段的价值折现4年到零时刻。


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