NO.PZ2023032701000031
问题如下：
Peters asks a newly hired analyst, Kurt Thomas, to comment on the evaluation approach for these three stocks. Thomas makes the following statements:
• A free cash flow valuation model would not be appropriate to evaluate Company ABC if the firm becomes a takeover candidate.
• A dividend discount model cannot be applied to Company XYZ if dividends are suspended for a few years.
• A dividend discount model is suitable for evaluating the stock of Company JZY because of the historically consistent payout ratio.
Which of the following statements made by Thomas is correct?
选项：
A.Statement 1
Statement 2
Statement 3
解释：
A dividend discount model is especially useful when dividend policy bears an understandable and consistent relationship to the company’s profitability. The relatively consistent dividend payout ratio suggests Company JZY would be a suitable candidate for a dividend discount model.
A dividend discount model is suitable for evaluating the stock of Company JZY because of the historically consistent payout ratio.
这里说JZY历史上div稳定，而ddm都是用预期的div来折现计算value，历史不代表预期，为什么可以用ddm？
第二个选项说div停止了几年，停止即代表这不是stable的div paying公司，为什么可以用ddm？
