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Yuyu · 2020年10月27日

问一道题:NO.PZ201710200100000201

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问题如下:

1. Based on Exhibit 1, when Withers applies the first valuation approach to Ukon Corporation, the estimated value of the stock at the end of the first stage represents the:

选项:

A.

present value of the dividends beyond year 2021.

B.

present value of the dividends for years 2018 through 2021.

C.

sum of the present value of the dividends for 2018 through 2021 and the present value of dividends beyond year 2021.

解释:

A is correct because the estimated value of the stock at the end of the first stage of a basic two-stage DDM (terminal value) is the present value of all dividends beyond the first stage. The first stage is 2018 through 2021, and the second stage begins in 2022, so the terminal value (that is, the value of the stock at the end of 2021) is the present value of future dividends beyond 2021.

B的表达哪里有问题呢?

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年10月28日

同学你好,由于第一阶段是2018-2021,但是题目问的是at the end of first stage(站在2021年底)股票的价格是多少,说明是将2021年之后的股息折现到这个时点。