NO.PZ201710200100000202
问题如下：
2. Using her first valuation approach and Exhibit 1, Withers’s forecast of the per share stock value of Ukon Corporation at the end of 2017 should be closest to:
选项：
A.EUR 48.
B.EUR 50.
C.EUR 51
解释：
C is correct based on Withers’s assumptions applied to the dividend valuation model. The stock value as of the end of 2017 equals the present value of all future dividends in 2018 through 2021 plus the present value of the terminal value at the end of 2021. The forecasted stock value equals EUR 51.254:
60.795
44.686
2022
2.815(1.03) = 2.899
Total
51.254
The terminal value at the end of 2021 is calculated using the dividend in the first year beyond the first stage, divided by the difference between the required rate of return and the growth rate in the second stage.
Terminal value at end of 2021 = 2.815*(1.03)/ ( 0.08−0.03 ) =57.980
老师好，
我在对比自己做的逻辑和答案时发现，我每年的dividend都比答案解析多除了一个1.08，且我还考虑了2017年的dividend.
我想说说为何我当时对18年的dividend除了（1.08的平方），是因为题干说所有的dividend都是在年末付的，所以如果折去2017年就是得平方。
同理，2017年的红利是在2017年末也就是2018年初付的，所以我也考虑了2017年的红利，且我还给它除了个1.08。
请老师帮忙答疑，谢谢
