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一只可爱的猪 · 2021年04月07日

这道题目

* 问题详情，请查看题干

NO.PZ201710200100000210

问题如下：

10. Based on Exhibit 4 and Intern 1’s estimate of the required rate of return and the dividend growth rate for the first four years, the growth rate beyond the first four years consistent with the current price of USD 52 is closest to:

选项：

A.

3.80%.

B.

4.17%.

C.

4.23%.

解释：

B is correct. The candidate can arrive at the answer one of two ways. The first way is to use Equation 19 and solve for g_L:

$P_{0} = [\sum_{t = 1}^{n} \frac{D_{0} {(1 + g_{S})}^{t}}{{(1 + r)}^{t}}] + [\frac{D_{0} {(1 + g_{S})}^{n} (1 + g_{L})}{{(1 + r)}^{n} (r - g_{L})}]$

Insert the known values:

$\begin{array}{l} U S D 52 = [\sum_{t = 1}^{4} \frac{2 {(1 + 0.05)}^{t}}{{(1 + 0.083)}^{t}}] + [\frac{2 {(1 + 0.05)}^{4} (1 + g_{L})}{{(1 + 0.083)}^{4} (0.083 - g_{L})}] \\ = 7.4087 + \frac{2.431 (1 + g_{L})}{1.37567 (0.083 - g_{L})} \end{array}$

Solve for gL: gL = 4.172%

Check: $7.4087 + \frac{2.431 (1 + 0.04172)}{1.37567 (0.083 - 0.04172)}$ 52.00

The second way is to use Equation 19 and substitute the different choices to

determine the value that produces a value of USD 52 per share:

$U S D 52 = [\sum_{t = 1}^{4} \frac{2 {(1 + 0.05)}^{t}}{{(1 + 0.083)}^{t}}] + [\frac{2 {(1 + 0.05)}^{4} (1 + 0.04172)}{{(1 + 0.083)}^{4} (0.083 - 0.04172)}]$

这个题目可以详细画图解答以下吗

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Debrah_品职答疑助手 · 2021年04月09日

嗨，爱思考的PZer你好：

这是一个标准的两阶段模型，其实非常简单。前四年高速增长时期增长率为gs=5%，四年后的增长率为gl，求gL

第一阶段4年的现金流每年都要折现到0时刻，D0=2，gs=5%，Re=8.3%，t=4，带入公式求现值和：

第二阶段就是从第四年末的D4=2*(1+5%)^4 开始，利用GGM求第四年末的V4，再折现到0时刻。

二者相加等于52，求解GL

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努力的时光都是限量版，加油！

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NO.PZ201710200100000210问题如下10. Baseon Exhibit 4 anIntern 1’s estimate of the requirerate of return anthe vingrowth rate for the first four years, the growth rate beyonthe first four years consistent with the current priof US52 is closest to:A.3.80%.B.4.17%.C.4.23%.B is correct. The cante carrive the answer one of two ways. The first wis to use Equation 19 ansolve for gL: P 0 =[ ∑ t=1 n 0 ( 1+ g S ) t ( 1+r ) t ]+[ 0 ( 1+ g S ) n ( 1+ g L ) ( 1+r ) n ( r− g L ) ] Insert the known values: US2=[ ∑ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+ g L ) ( 1+0.083 ) 4 ( 0.083− g L ) ] =7.4087+ 2.431( 1+ g L ) 1.37567( 0.083− g L ) Solve for gL: gL = 4.172%Check: 7.4087+ 2.431( 1+0.04172 ) 1.37567( 0.083−0.04172 ) 52.00The seconwis to use Equation 19 ansubstitute the fferent choices totermine the value thproces a value of US52 per share: US2=[ ∑ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+0.04172 ) ( 1+0.083 ) 4 ( 0.083−0.04172 ) ] 为什么不用HMol计算呢我发现我总是在用分步计算的地方用了HMol，有什么好的区别办法嘛

2024-07-03 15:34 1 · 回答

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2022-09-19 22:44 1 · 回答

NO.PZ201710200100000210 只能这么一步步计算么

2021-02-18 00:37 1 · 回答

算出来4.19%，考试到底计算到几位啊，四舍五入4.2%，B,C都对啊。

2019-11-25 16:48 1 · 回答