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若然 · 2023年04月28日

？

  1. CFA I
  2. Equity

NO.PZ2023040301000143

问题如下：

Geo Telecommunications Inc. is a fast growing company with a double-digit growth rate that is expected to continue for three more years. In his pursuit of valuing the company’s stock, Dimiter Nenkov, a free-lance equity analyst, has compiled the following data about the company:

Based on the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications would be closest to:

选项：

A.

€9.73

B.

€10.13

C.

€ 17.17

解释：

老师好，用计算器的CF功能计算时CF0要输入0才能得到正确答案？请问要怎么理解？

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王园圆_品职助教 · 2023年04月28日

同学你好，其实就是CF０的地方你不输入，直接跳过即可

根据NPV的定义，CF０是指期初的投资值，是一笔现金流出，但是计算股票value的时候，D０，D１等对于投资者来说都是现金流入而非流出，所以不需要输入

此外，由于资产的价值等于未来现金流的折现求和，与现在无关，所以０时刻的任何现金流在计算value的时候都不应该输入

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