概念有些混淆，请老师详细解答一下，谢谢。

NO.PZ2018103102000089

问题如下：

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $1.0 per share and 7.5%, respectively. The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What`s the value of Company M?

选项：

$22.66

$24.15

$25.15

解释：

B is correct.

考点：Two Stage Model

解析：

$PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}$ =26.44

$P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}$ =24.15

这题求M公司的Value，我有点混淆，什么时候是求P0（现值），什么时候是求P3啊？（因为前面有一道题，是直接算出来P3就是正确答案了，也是求Value），我已经彻底懵了。

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王园圆_品职助教 · 2023年09月19日

同学你好，前面那道题求P4就是答案的，题干问的是terminal value 而不是value——terminal value就是公司进入永续增长以后的永续期间现金流折现到永续期开始时刻的现值之和

而一般大部分题目问的都是value或P0，那就是0时刻的公司价值，需要把所有未来的现金流（包括terminal value）都全部折现到0时刻才能计算V0的值

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概念有些混淆，请老师详细解答一下，谢谢。

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