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erin_hi1990 · 2023年07月02日

老师这题的P0在哪里？

  1. CFA II
  2. Equity

NO.PZ2023032701000019

问题如下：

Tanner expects short-term rapid earnings growth of 20% in 2014 for GNSK, with the rate of growth linearly diminishing over the next five years to match industry conditions thereafter. He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry. Given these assumptions and the data in Exhibit 1.

Using Bradley’s assumptions regarding GNSK and the data from Exhibit 1, GNSK’s long-term dividend growth rate is closest to:

选项：

A.

8.0%

B.

7.0%

C.

7.3%

解释：

0.037 = (0.11 – g)/(1 + g)

0.037(1 + g) + g = 0.11

0.037 + 0.037g + g = 0.11

1.037g = 0.11 – 0.037

g = 0.073 / 1.037 = 0.0704 =7.0%

请问公式里头的P0在哪里体现了？

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1 个答案

王园圆_品职助教 · 2023年07月02日

同学你好，请看这句话“He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry.”

所以这里要求G公司的g,其实是要求行业的隐含增长率

根据以下讲义截图，D1/P0 就是trailing dividend yield* （1+g) (trailing dividend yield = D0/P0)

所以这里不需要P0，g= 11% - 3.7%*（1+g)，用这个公式即可计算g

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