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ruby5ltc · 2023年05月30日

这道题如果不计算,可以解吗

* 问题详情,请 查看题干

NO.PZ201512300100000805

问题如下:

5. Alex Renteria has suggested that the market price of Tasty Foods stock is its fair value. What is the implied growth rate of dividends given the stock’s market price? Use the required return on equity based on a beta of 1.10.

选项:

A.

3.87%.

B.

5.30%.

C.

12.1%.

解释:

A is correct.

The price of the stock is $8.42. If this price is also the fair value of the stock,

V0=8.42=D1rg=0.59(1+g)0.1115gV_0=8.42=\frac{D_1}{r-g}=\frac{0.59(1+g)}{0.1115-g}

0.9288-8.42g=059+0.59g

9.01g=0.3488

g=0.0387 or 3.87 percent

是否P降低了,implied g也会降低?

1 个答案

王园圆_品职助教 · 2023年05月31日

同学你好,首先,本题题干都这么说了“What is the implied growth rate of dividends given the stock’s market price? Use the required return on equity based on a beta of 1.10.”肯定不能不计算就得到结果的

其次,是的,如果价格降低,根据GGM公式P=D1/(r-g)可知,价格内含的g也会降低。

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