NO.PZ2023032701000022
问题如下:
Talisman is an independent upstream oil and gas company headquartered in Calgary, Canada. Talisman pays semi-annual dividends. The total dividends during 2008 last year have been C$0.175.
Dobson is using two-stage DDM to estimate the value of the stock.
Dobson wants to use his estimate that eight years later Talisman’s stock will be worth 17 times its earnings per share (trailing P/E of 17). He expects that the earnings retention ratio at that time will be 0.70.
The dividend growth rate will be 14 percent throughout the first stage of eight years.
Dobson is using the CAPM to estimate the required return on equity for Talisman. He has estimated that the beta of Talisman, as measured against the S&P/TSX Composite Index (formerly TSE 300 Composite Index), is 0.84. The Canadian risk-free rate, as measured by the annual yield on the 10-year government bond, is 4.1 percent. The equity risk premium for the Canadian market is estimated at 5.5 percent.
What is the current value of the stock based on this approach?
选项:
A.C$16.24
C$17.65
C$28.29
解释:
From the table with the calculation details,
D8= C$0.4992. So, 0.4992/ E8 = 0.30, which means that E8 =0.4992/0.30 = 1.6640.
V8/E8 = 17 implies that V8/1.6640 = 17, which gives V8 = 17(1.6640) = C$28.2880.
PV of V8= 28.2880/1.08728 = 14.4919
From the table with the calculation details,
Sum of PV of D1 through D8= 1.7433
So, the value of stock V0= 14.4919 + 1.7433 = C$16.2352.
老师,我是用另一个思路想的,从P/E=(1-b)(1+g)/(r-g)=17,其中b=30%已知,可求出8年以后的g(=4.4203%),把这个g带入到V8=0.175*1.14^8+0.175*1.14^8*(1+4.4203%)/(8.72%-4.4203%),再把V1至V8折现求和,答案和选项均不符。想知道下这个思路有什么问题?