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摇一摇 · 2022年03月19日

为什么我的计算器按出来是44.82

NO.PZ2018062002000166

问题如下:

Current price per share $20

Current annual dividend per share $2

Annual dividend growth rate for Years 14: 5%

Annual dividend growth rate for year 5 onwards: 3%

Required rate of return 10%

Based on the above information, calculate the intrinsic value of the stock by using the DDM model. The stock is most likely:

选项:

A.

undervalued.

B.

overvalued.

C.

fairly valued.

解释:

A is correct.

The current price of €20 is less than the intrinsic value of €31.56;therefore, the stock appears to be currently undervalued. According to the two-stage dividend discount model:

V0=t=1nD0(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\displaystyle D_0(1+g_s)}^t}{{\displaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n} and Vn=Dn+1rgLV_n=\frac{D_{n+1}}{r-g_L}

D1 = €2 × 1.05 = €2.1

D2 = €2 × (1.05)2 = €2.205

D3 = €2 × (1.05)3 = €2.31525

D4 = €2 × (1.05)4 = €2.431

D5 = [€2 × (1.05)4](1.03) = €2.503

V4 = €2.503/(0.1 – 0.03) = €35.77

V 0 =31.56(which is greater than the current price of €20)

考点:Multi-stage Model

计算器繁荣属于步奏如下:

CF0=0, C01=2.1,F01=1,C02=2.205,F02=1,C03=2.31525,F03=1,C04=2.431+35.77 F04=1 ,CPT--NPV, I=10

和上面输入的内容是一样的,出来的答案不一样哎

1 个答案

王园圆_品职助教 · 2022年03月19日

嗨,爱思考的PZer你好:


同学你好,我这里计算机算了好几遍,的出来的答案都是31.56哦

你的计算器肯定哪里出错了哦~~是不是你计算以前忘了把以前的数据清零了?你重新算一下,还是不行的话可以问下辅导员如何重置计算器,重置一下可能就好了。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

摇一摇 · 2022年03月20日

可以了,谢谢。之前我也不知道哪里出错了,现在出来的结果是对的了。

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NO.PZ2018062002000166问题如下 Current priper share $20 Current annuvinper share $2 Annuvingrowth rate for Years 1 – 4: 5% Annuvingrowth rate for ye5 onwar 3% Requirerate of return 10%Baseon the above information, calculate the intrinsic value of the stousing the M mol. The stois most likely: A.unrvalueB.overvalueC.fairly value A is correct.The current priof €20 is less ththe intrinsic value of €31.56;therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0​=∑t=1n​(1+r)t​(1+gs​)t​+(1+r)nVn​​ anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn​=r−gL​+1​​ = €2 × 1.05 = €2.1 = €2 × (1.05)2 = €2.205 = €2 × (1.05)3 = €2.31525 = €2 × (1.05)4 = €2.431 = [€2 × (1.05)4](1.03) = €2.503V4 = €2.503/(0.1 – 0.03) = €35.77V 0 =31.56(whiis greater ththe current priof €20)考点Multi-stage Mol计算器输入步奏如下CF0=0, C01=2.1,F01=1,C02=2.205,F02=1,C03=2.31525,F03=1,C04=2.431+35.77 F04=1 ,CPT--NPV, I=10 我理解到就截止了,是什么呢

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