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AJI · 2023年10月16日

g的采用

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.

为何此处的imply g和行业ROE*b得出来的g有什么联系吗,或两者可以等同吗?

1 个答案

王园圆_品职助教 · 2023年10月16日

同学你好,这道题正文没有提及行业的ROE和b的信息,你怎么会联想到行业ROE和b的?

同学是看着这道题想到别的以前做过的题目了吗?

本题说了最后公司按照7%的增长率进行永续增长,通过这个信息我们只能得出公司的sustainable growth rate是7%,至于行业的是多少,我们无从得知也无法比较哦

同学注意,我们做题的时候只需要就题论题就可以了哦,不需要过度想太多别的信息哦

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