NO.PZ201710200100000102
问题如下:
2. Assuming the incumbent government retains office in Canada, Peters and her team estimate that the current value of Company ABC stock would be closest to:
选项:
A.C$22.18.
B.C$23.60.
C.C$25.30.
解释:
B is correct.
The value of ABC stock can be computed as follows:
Given: Dividend (D0) = C$0.65, Return (r) = 7.35%, Short-term growth (gS) = 12% for 4 years, Long-term growth (gL) = 3.5% thereafter. Then:
D1 = D0(1 + gS)1 = 0.65(1.12) = C$0.7280
D2 = D0(1 + gS)2 = 0.65(1.12)2 = C$0.8154
D3 = D0(1 + gS)3 = 0.65(1.12)3 = C$0.9132
D4 = D0(1 + gS)4 = 0.65(1.12)4 = C$1.0228
P4 = [D4 (1 + gL)]/(r – gL) = [D4 (1.035)]/(0.0735 – 0.035) = C$27.4960.
V0 = D1/(1 + r)1 + …. + D4/(1 + r)4 + P4/(1 + r)4.
V0 = [0.7280/(1.0735)1] + [0.8154/(1.0735)2] +[ 0.9132/(1.0735)3] + [1.0228/(1.0735)4] + [27.4960/(1.0735)4]
= C$23.5984 (rounded to C$23.60).
CF0=0,C01=0.728,C02,0.8154,C03=0.9132,C04=(1.0228+27.496),r=1.0735,计算器算出来的NPV=29.728806,请问哪里错了