NO.PZ2023032701000025
问题如下:
A mid-sized US company in the utilities sector with a required rate of return of 10%. Peters and her team believe that because of a recent restructuring, the company is unlikely to pay dividends for the next three years. However, the team expects XYZ to pay an annual dividend of US$1.72 per share beginning four years from now. Thereafter, the dividend is expected to grow indefinitely at 4% even though the current price implies a growth rate of 6% during this same period.
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
US$20.36
US$21.54
解释:
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.
这里的D0为啥不用乘以(1+g)即1.04?