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橘橘雯 · 2023年04月26日

最后计算器算出I=10是用来干嘛？

NO.PZ2018062002000166

问题如下：

Current price per share $20

Current annual dividend per share $2

Annual dividend growth rate for Years 1 – 4: 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:

$V_0=\sum_{t=1}^n\frac{{\displaystyle D_0(1+g_s)}^t}{{\displaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}$ and $V_n=\frac{D_{n+1}}{r-g_L}$

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

补充问题关于最后一个答案步骤的含义

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王园圆_品职助教 · 2023年04月27日

同学你好，解析里关于计算器输入步骤的说明是帮助一些不会用计算器里的NPV功能快速计算本题答案的同学理一下如何使用计算器的

其中的I=10的意思就是题目中的required rate of return =10%的意思，因为计算器在NPV功能的计算里面是不需要输入百分号，直接是输入10即可的

同学如果忘记了计算器的相关使用方法，也可以抽空再看看前导课里何老师关于计算器使用的讲解，对于考试中加快做题速度会比较有帮助的哦

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