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ruby5ltc · 2023年09月17日

请问这道题计算器怎么按

  1. CFA II
  2. Equity

NO.PZ2023032701000021

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.

The dividend growth rate will be 14 percent throughout the first stage of eight years. The dividend growth rate thereafter will be 7 percent.

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 proportion of the total value of the stock is represented by the value of second stage?

选项：

A.

0.10

B.

0.52

C.

0.90

解释：

Based on these data, Dobson has estimated that the required return on Talisman stock is 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.

The following table provides the calculations needed to compute the value of the stock using the first approach, including the calculations for the terminal value V8. As the table shows, the terminal value V8=C$31.0550.

As shown in the above table, the value of the second stage = PV of V8= C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.

请问这道题计算器怎么按

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1 个答案

王园圆_品职助教 · 2023年09月17日

同学你好，你是问这个股票的value要怎么用计算器计算吗？

本题首先按CF，然后按2nd+Clr Work;之后按向下按键，在界面显示CF1时输入（第一期dividend）0.1995，然后按enter；之后继续按向下键，显示CF2时输入（第二期dividend) 0.2274；之后继续按向下键，显示CF3时输入（第三期dividend) 0.2593，之后继续按向下键，以此类推按到CF8，显示CF8时输入（第八期dividend+V8) （0.4992+31.0550），然后按NPV键输入利率8.72，然后按enter；然后按向下键，再按CPT键就可以显示NPV的值——也就是股票的价值Value 

具体何老师的计算输入演示在前导课的计算器使用课程中的”Cash flow calculation“视频中，按1.5倍速播放下的第9分钟开始有讲解，同学可以再去听一下


至于本题的答案，需要在计算得到Value以后，再计算V8折现到0时刻的值——也就是用计算器的普通计算功能：31.0550/1.0872^8来计算得到15.9095

最后用15.9095/Value即可得到本题答案

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