kkyy · 2020年07月21日
问题如下：
Matt has concluded that the DDM model is appropriate to value Company M. Given the current dividend and the required rate of return of $0.5 per share and 10%, respectively. He has predicted that the dividend will grow at 20% a year for the first three years and then grow at 5% per year into the indefinite future. What`s the current value of Company M stock?
选项：
A.$14.77
B.$15.42
C.$15.92
解释：
B is correct.
考点：Two Stage Model
解析：D0 = $0.5 D1 = $0.6 D2 = $0.72 D3 = $0.864
为什么D0不算呢？
NO.PZ2018103102000073 问题如下 Matt hconcluththe M mol is appropriate to value Company M. Given the current vinanthe requirerate of return of $0.5 per share an10%, respectively. He hprecteththe vinwill grow 20% a yefor the first three years anthen grow 5% per yeinto the infinite future. What`s the current value of Company M stock? A.$14.77 B.$15.42 C.$15.92 B is correct.考点Two Stage Mol解析 = $0.5 = $0.6 = $0.72 = $0.864P3=×(1+gL)r−gL=0.864×(1+5%)10%−5%=18.144P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{0.864\times\left(1+5\%\right)}{10\%-5\%}=18.144P3=r−gL×(1+gL)=10%−5%0.864×(1+5%)=18.144V0=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=0.61.1+0.721.12+0.864+18.1441.13=15.42=\frac{0.6}{1.1}+\frac{0.72}{1.1^2}+\frac{0.864+18.144}{1.1^3}=15.42=1.10.6+1.120.72+1.130.864+18.144=15.42 这题为什么不用h-mol计算？什么情况下用hmol?谢谢老师
NO.PZ2018103102000073 问题如下 Matt hconcluththe M mol is appropriate to value Company M. Given the current vinanthe requirerate of return of $0.5 per share an10%, respectively. He hprecteththe vinwill grow 20% a yefor the first three years anthen grow 5% per yeinto the infinite future. What`s the current value of Company M stock? A.$14.77 B.$15.42 C.$15.92 B is correct.考点Two Stage Mol解析 = $0.5 = $0.6 = $0.72 = $0.864P3=×(1+gL)r−gL=0.864×(1+5%)10%−5%=18.144P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{0.864\times\left(1+5\%\right)}{10\%-5\%}=18.144P3=r−gL×(1+gL)=10%−5%0.864×(1+5%)=18.144V0=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=0.61.1+0.721.12+0.864+18.1441.13=15.42=\frac{0.6}{1.1}+\frac{0.72}{1.1^2}+\frac{0.864+18.144}{1.1^3}=15.42=1.10.6+1.120.72+1.130.864+18.144=15.42 tx01=0.6 x02=0.72x3=19.008y01=1/1.1y02=1/1.21y03=1/1.331stat中的xy值应该与CF和 npv算出的一样吧？谢谢
NO.PZ2018103102000073 为什么不加上最开始的分红0.5？
答案能用人类语言列一下计算式么
