不加0.5？

NO.PZ2018103102000073

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：

$14.77

$15.42

$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

$P_3=\frac{D_3\times\left(1+g_L\right)}{r-g_L}=\frac{0.864\times\left(1+5\%\right)}{10\%-5\%}=18.144$

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

$=\frac{0.6}{1.1}+\frac{0.72}{1.1^2}+\frac{0.864+18.144}{1.1^3}=15.42$

为什么不加上最开始的分红0.5？

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1 个答案

Debrah_品职答疑助手 · 2021年02月10日

嗨，爱思考的PZer你好：

同学你好，咱们做DDM股利折现模型，用的都一定是未来的现金流折现，譬如GGM中，V=D1/（re-g），而D0也就是current dividend是已经发生的，不需要折现哦。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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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

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不加0.5？

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