NO.PZ2018062002000168
问题如下:
Samsonite has just paid a dividend of 500 per share. In the next four years, the annual dividend will grow at 5% a year. At the end of the fourth year, the company's shares were expected to sell for $10,000. If the required rate of return is 15%, the intrinsic value of the shares of samsonite is the closest:
选项:
A. $5,000.
B. $7,319
C. $7,870.
解释:
B is correct.
V 0 =525/1.15+551.25/1.15^2+579/1.15^3+608/1.15^4+10000/1.15^4=7319
考点:GGM
股票估值是未来所有现金流的折现求和,这道题说的是当前红利D0是500,在未来四年每年都以5%增长(未来四年每年都发红利),四年后以10000卖出,所以这笔投资一获得5笔现金流,那么就要将这5笔现金流进行折现求和。有几个问题需要注意:
1、所谓估值是指我们对将该资产未来所有产生的预期现金流进行折现,所以我们估计的当前股票的价值只包含了未来所有的股息。而当前已经发放的股息(D0)不在计算之列。
2、“just paid a dividend of 500 per share”是D0,因此我们在输入计算器时CF0=0, 现金流是从D1开始(D1=D0*1.05)。
2、计算器的录入过程: Cf0=0, C01=525, F01=1,C02=551.25,F02=1,C03=579,F03=1,C04=608+10000, I=15, cpt NPV=7319
为什么div是正的 难道付出去的钱不应该是负的吗