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· 2021年02月24日

这道题第一阶段应该用0.22*（1+12%）而不是6%啊，答案是不是给错了？

  1. CFA II
  2. Equity

NO.PZ2018103102000045

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. After carefully considering the characteristics of the company and its competitors, she believes the company’s growth rate declines linearly from 12 percent in the first year to 6 percent in the fifth. PZ’s total dividends paid on 2017 was $0.22.The estimated that the required return is 9 percent. What is the intrinsic value of the stock?

选项：

A.

$10.32.

B.

$15.40.

C.

$8.65.

解释：

C is correct.

考点：H-model

解析：C是正确的。根据题干信息我们可以使用H模型来计算股票的内在价值，H模型的公式,股票的内在价值为

lV0=D0(1+gL)+D0H(gs−gL)r−gL{l}V_0=\frac{D_0\left(1+g_L\right)+D_0H(g_s-g_L)}{r-g_L}\\=0.22(1+0.06)+0.22×2(0.12−0.06)0.09−0.06=8.65=\frac{0.22(1+0.06)+0.22\times2(0.12-0.06)}{0.09-0.06}=8.65

这道题第一阶段应该用0.22*（1+12%）而不是6%啊，答案是不是给错了？

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1 个答案

Debrah_品职答疑助手 · 2021年02月25日

嗨，爱思考的PZer你好：


同学你好，这里用的是H模型的公式计算。在H模型里面，就是D0*（1+Gl），就是低速增长阶段的g。再看一下公式哦。

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· 2021年02月25日

确实是自己弄混了 多谢

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NO.PZ2018103102000045 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company’s growth rate clines linearly from 12 percent in the first yeto 6 percent in the fifth. PZ’s totvin paion 2017 w$0.22.The estimateththe requirereturn is 9 percent. Whis the intrinsic value of the stock? A.$10.32. B.$15.40. C.$8.65. C is correct.考点H-mol解析C是正确的。根据题干信息我们可以使用H模型来计算股票的内在价值，H模型的公式,股票的内在价值为lV0=(1+gL)+H(gs−gL)r−gL{l}V_0=\frac{0\left(1+g_L\right)+0H(g_s-g_L)}{r-g_L}\\lV0​=r−gL​​(1+gL​)+​H(gs​−gL​)​=0.22(1+0.06)+0.22×2(0.12−0.06)0.09−0.06=8.65=\frac{0.22(1+0.06)+0.22\times2(0.12-0.06)}{0.09-0.06}=8.65=0.09−0.060.22(1+0.06)+0.22×2(0.12−0.06)​=8.65 此题和https://class.pzacamy.com/qa/82446的对比可以麻烦老师 讲一下区别吗？为什么都是下降4年？明明年份对应是不同的

2024-06-25 17:28 1 · 回答

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2023-04-12 14:41 1 · 回答

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2022-12-05 09:05 2 · 回答

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