NO.PZ2015122802000166
问题如下:
An analyst gathers or estimates the following information about a stock:
Based on a dividend discount model, the stock is most likely:
选项:
A. undervalued.
B. fairly valued.
C. overvalued.
解释:
A is correct.
The current price of €22.56 is less than the intrinsic value (V0) of €24.64; therefore, the stock appears to be currently undervalued. According to the two-stage dividend discount model:
and
Dn+1 = D0(1+gS)n(1+gL)
D1 = €1.60 × 1.09 = €1.744
D2 = €1.60 × (1.09)2 = €1.901
D3 = €1.60 × (1.09)3 = €2.072
D4 = €1.60 × (1.09)4 = €2.259
D5 = [€1.60 × (1.09)4](1.04) = €2.349
V4 = €2.349/(0.12 – 0.04) = €29.363
= 1.557+1.515+1.475+1.436+18.661
= €24.64(which is greater than the current price of €22.56)
考点:Multi-stage Model
计算器具体步奏如下:
CFO=0, C01=1.744,F01=1,C02=1.901,F02=1,C03=2.072,F03=1,C04=2.259+29.363,F04=1,NPV , I=12,CPT NPV
可以算到D5➕P5么