NO.PZ201710200100000307
问题如下：
7. Which of the following models is most appropriate for valuing HLTV?
选项：
A.H-model
B.Three-stage DDM
C.Gordon growth model
解释：
B is correct
because HLTV is forecast to have three growth stages: the growth phase (2 years at 27%), the transition phase (10 years at 12%), and the mature phase. Because the earnings growth has three stages and the dividend payoutratio is stable, a three-stage DDM is appropriate.
老师H-model如果是两阶段的，和two -stage model的区别，是不是H-model必须是第一阶段是linear decreased by rate，而two stage model可能第一阶段是gh速度增长，第二阶段是gl的永续增长，每个阶段都是恒定的一个g。对吗？
