开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

PaisleyPPx · 2021年06月25日

老师

  1. CFA II
  2. Equity

NO.PZ2018103102000082

问题如下：

Matt has estimated the value of Company M by using the two-stage dividend discount model. The company has paid a dividend of $1 per share for the most recent year. In the model, the analyst has predicted that the dividend will grow at 10% a year for the first three years and then grow at 5% per year into the indefinite future. Given the required rate of return of 10%, what`s the current value of Company M stock?

选项：

A.

$22.1

B.

$26.4

C.

$24.0

解释：

C is correct.

考点：Two Stage Model

解析：D0 = $1 D1 = $1.1 D2 = $1.21 D3 = $1.331

P3=D3×(1+gL)r−gL=1.331×(1+5%)10%−5%=$27.951P_3=\frac{D_3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951

V0=D11+r+D2(1+r)2+D3+P3(1+r)3V_0=\frac{D_1}{1+r}+\frac{D_2}{\left(1+r\right)^2}+\frac{D_3+P_3}{\left(1+r\right)^3}

=1.11.1+1.211.12+1.331+27.9511.13=$24=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24

老师 一阶段 g=10% Re=10% 分母Re-g就是0啊？这个公式成立吗？

添加评论
1 个答案

韩韩_品职助教 · 2021年06月26日

嗨，努力学习的PZer你好：


同学你好，这是两个模型一定要分开来看，

  1. 如果从第一年开始就一直是以一个固定的速度增长，那么我们就用GGM，这样用的公式就是D1/（R-g）
  2. 如果不是第一年开始就以固定的速度增长，那么就是两阶段，两阶段的话，使用的就是DDM模型，把每一年的Dividend和最后一年的P3都以折现率折现到今天。
  3. 从这个题目来看，这明显是个两阶段，所以使用的是两阶段模型DDM，那么就是我们题目当中给出的解法。

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

  • 1

    回答

  • 0

    关注

  • 3313

    浏览
相关问题

NO.PZ2018103102000082 问题如下 Matt hestimatethe value of Company M using the two-stage vinscount mol. The company hpaia vinof $1 per share for the most recent year. In the mol, the analyst hprecteththe vinwill grow 10% a yefor the first three years anthen grow 5% per yeinto the infinite future. Given the requirerate of return of 10%, what`s the current value of Company M stock? A.$22.1 B.$26.4 C.$24.0 C is correct.考点Two Stage Mol解析 = $1 = $1.1 = $1.21 = $1.331P3=×(1+gL)r−gL=1.331×(1+5%)10%−5%=$27.951P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951P3​=r−gL​​×(1+gL​)​=10%−5%1.331×(1+5%)​=$27.951V0=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​​=1.11.1+1.211.12+1.331+27.9511.13=$24=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24=1.11.1​+1.121.21​+1.131.331+27.951​=$24 为什么求P0的时候不需要加入？

2023-04-30 12:51 1 · 回答

NO.PZ2018103102000082 问题如下 Matt hestimatethe value of Company M using the two-stage vinscount mol. The company hpaia vinof $1 per share for the most recent year. In the mol, the analyst hprecteththe vinwill grow 10% a yefor the first three years anthen grow 5% per yeinto the infinite future. Given the requirerate of return of 10%, what`s the current value of Company M stock? A.$22.1 B.$26.4 C.$24.0 C is correct.考点Two Stage Mol解析 = $1 = $1.1 = $1.21 = $1.331P3=×(1+gL)r−gL=1.331×(1+5%)10%−5%=$27.951P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951P3​=r−gL​​×(1+gL​)​=10%−5%1.331×(1+5%)​=$27.951V0=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​​=1.11.1+1.211.12+1.331+27.9511.13=$24=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24=1.11.1​+1.121.21​+1.131.331+27.951​=$24 这题金融计算器怎么按的，可以讲一下吗？

2023-04-29 19:58 1 · 回答

在代入CF的时候，CF00需要代入1吗？为什么直接从CF01开始代入呢？

2020-05-30 07:46 1 · 回答

$26.4 $24.0 C is correct. 考点Two Stage Mol 解析 = $1  = $1.1  = $1.21  = $1.331 $$\(P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951\) \(V_0=\frac{1}{1+r}+\frac{2}{\left(1+r\right)^2}+\frac{3+P_3}{\left(1+r\right)^3}\) \(=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24\)$$ Cf01=1.1,cf02=1.21,cf03=29.282(1.331+27.951),I=5%,得出NPV=27.44，不对啊？

2020-02-09 22:20 4 · 回答