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.
pay dividend of 1.72 beginning 4 years,第四年开始派息,那第四年年末dvd 1.72,我用它乘(1➕g)再折现4年,得到20.36 选项B,为什么不对呢?