NO.PZ201710200100000105
问题如下:
5. If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:
选项:
A.US$19.58
B.US$20.36
C.US$21.54
解释:
C is correct.
The current value of XYZ stock would be calculated as follows:
V0 = [P3/(1 + r)3], where P3 = D4/(r – g).
Given D4 = 1.72, r = 10%, and g = 4%,
V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.
D0是第一年初,D1是第二年初,第一年末;
题目中说的是第四年初有分红是1.72,所以不应该计算为D4 = 1.72*(1+g)么,
怎么理解到底是第三年末第四年初的分红还是第四年的分红?