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Crux🃏 · 2020年07月21日

问一道题:NO.PZ2018062002000159 [ CFA I ]

问题如下:

Jack,an analyst of a PE, expects to buy common stock today and sell it two years later. The investors estimates dividends for the next two years are D1 and D2, and stock price two years later is P2. According to the dividend discount model, the intrinsic value of the stock is the present value of:

选项:

A.

 D1 and D2.

B.

 D1.

C.

 D2 , P2and D1.

解释:

C is correct.

Following the dividend discount model, the intrinsic value of a stock today is equal to present value of all future cash flows. In this instance, the intrinsic value is the present value of D1, D2, and P2.

为什么和P2有关系啊,模型里也没用到现价啊

1 个答案

Debrah_品职答疑助手 · 2020年07月22日

同学你好,DDM模型的精髓就是将未来全部现金流折现。D1和D2代表未来两年的现金流,P2代表了从第三年开始之后的全部现金流的折现,只不过是折现到了第二年末。如果要求0时刻的IV,就需要将D1、D2和P2都折现到0时刻。这是DDM模型的基本概念。加油