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Leo · 2020年05月30日

问一道题：NO.PZ2018103102000082

  1. CFA II
  2. Equity

问题如下：

Matt has estimated the value of Company M by using the two-stage dividend discount model. The company has paid a dividend of $1 per share for the most recent year. In the model, the analyst has predicted that the dividend will grow at 10% a year for the first three years and then grow at 5% per year into the indefinite future. Given the required rate of return of 10%, what`s the current value of Company M stock?

选项：

A.

$22.1

B.

$26.4

C.

$24.0

解释：

C is correct.

考点：Two Stage Model

解析：D0 = $1  D1 = $1.1  D2 = $1.21  D3 = $1.331

$$\(P_3=\frac{D_3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951\)</p><p>

\(V_0=\frac{D_1}{1+r}+\frac{D_2}{\left(1+r\right)^2}+\frac{D_3+P_3}{\left(1+r\right)^3}\)</p><p>

\(=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24\)$$

在代入CF的时候，CF00需要代入1吗？为什么直接从CF01开始代入呢？

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Debrah_品职答疑助手 · 2020年05月30日

同学你好，计算公司的value是未来现金流的折现求和，在这道题目中，已经支付的dividend不影响公司当前价值，所以从CF1开始代入。

要注意这个和计算IRR以及NPV不一样，计算IRR和NPV是要看初始现金流的。注意区分哦。

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NO.PZ2018103102000082 问题如下 Matt hestimatethe value of Company M using the two-stage vinscount mol. The company hpaia vinof $1 per share for the most recent year. In the mol, the analyst hprecteththe vinwill grow 10% a yefor the first three years anthen grow 5% per yeinto the infinite future. Given the requirerate of return of 10%, what`s the current value of Company M stock? A.$22.1 B.$26.4 C.$24.0 C is correct.考点Two Stage Mol解析 = $1 = $1.1 = $1.21 = $1.331P3=×(1+gL)r−gL=1.331×(1+5%)10%−5%=$27.951P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951P3​=r−gL​​×(1+gL​)​=10%−5%1.331×(1+5%)​=$27.951V0=1+r+(1+r)2++P3(1+r)3V_0=\frac{1}{1+r}+\frac{2}{\left(1+r\right)^2}+\frac{3+P_3}{\left(1+r\right)^3}V0​=1+r​​+(1+r)2​​+(1+r)3​+P3​​=1.11.1+1.211.12+1.331+27.9511.13=$24=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24=1.11.1​+1.121.21​+1.131.331+27.951​=$24 为什么求P0的时候不需要加入？

2023-04-30 12:51 1 · 回答

NO.PZ2018103102000082 问题如下 Matt hestimatethe value of Company M using the two-stage vinscount mol. The company hpaia vinof $1 per share for the most recent year. In the mol, the analyst hprecteththe vinwill grow 10% a yefor the first three years anthen grow 5% per yeinto the infinite future. Given the requirerate of return of 10%, what`s the current value of Company M stock? A.$22.1 B.$26.4 C.$24.0 C is correct.考点Two Stage Mol解析 = $1 = $1.1 = $1.21 = $1.331P3=×(1+gL)r−gL=1.331×(1+5%)10%−5%=$27.951P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951P3​=r−gL​​×(1+gL​)​=10%−5%1.331×(1+5%)​=$27.951V0=1+r+(1+r)2++P3(1+r)3V_0=\frac{1}{1+r}+\frac{2}{\left(1+r\right)^2}+\frac{3+P_3}{\left(1+r\right)^3}V0​=1+r​​+(1+r)2​​+(1+r)3​+P3​​=1.11.1+1.211.12+1.331+27.9511.13=$24=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24=1.11.1​+1.121.21​+1.131.331+27.951​=$24 这题金融计算器怎么按的，可以讲一下吗？

2023-04-29 19:58 1 · 回答

NO.PZ2018103102000082 老师 一阶段 g=10% Re=10% 分母Re-g就是0啊？这个公式成立吗？

2021-06-25 10:31 1 · 回答

$26.4 $24.0 C is correct. 考点Two Stage Mol 解析 = $1  = $1.1  = $1.21  = $1.331 $$\(P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951\) \(V_0=\frac{1}{1+r}+\frac{2}{\left(1+r\right)^2}+\frac{3+P_3}{\left(1+r\right)^3}\) \(=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24\)$$ Cf01=1.1,cf02=1.21,cf03=29.282(1.331+27.951),I=5%,得出NPV=27.44，不对啊？

2020-02-09 22:20 4 · 回答