NO.PZ2018111302000039
问题如下:
An analyst has put together the key projections and assumptions of a T REIT.
The intrinsic value of the T REIT on a per share basis using the two-step dividend discount model is closest to:
选项:
A.$28.76.
B.$33.17.
C.$37.69.
解释:
B is correct.
考点:REITs估值方法
解析:折现法计算stock price, 首先用CAPM模型计算discount rate = risk free rate + beta * market risk premium = 3% + 1.1*5% = 8.5%
用两阶段股利模型, stock price = Dividend at year 1 / (1+discount rate) + dividend at year 2 / (1+discount rate)^2 + stock value at end of year 2 = 1.13/(1+8.5%) + 1.22/(1+8.5%)^2 + [(1.22*(1+5%))/(8.5%-5%)]/(1+8.5%)^2 = 1.04 + 1.04 + 31.09 = $33.17
老师请问(1.22*(1+5%))/(8.5%-5%)是什么意思?