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帕斯CFA · 2024年02月14日

算出来和标答相差一点

NO.PZ2023040301000144

问题如下:

An investor evaluating a company's common stock for investment has gathered the following data.

The value per share of this common stock is closest to:

选项:

A.

$28.57

B.

$31.57

C.

$38.7

解释:

Current year's dividend per share =$2.50x0.6=$1.50

V=1.50(1.25)/1.12+1.50(1.25)2/1.122+1.50(1.25)2(1.05)/(0.12-0.05)}/1.122 = $1.67+$1.87+ 28.03 =$31.57

在第二阶段,我用1.87*1.05/0.07=28.05

为什么和标答相差了0.02呢

1 个答案
已采纳答案

王园圆_品职助教 · 2024年02月14日

同学你好,你再仔细看下题目呢

第一阶段有两年而不是一年

D1=1.5*1.25 = 1.875

D2 = 1.5*1.25^2 = 2.344

所以第二阶段的起点是2.344,不是1.875呢

第二阶段是D3=D2*1.05=2.344*1.05=2.46

然后用这个D3计算terminal value落在第二年年末,再和D2一起折现2年到0时刻才对哦

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