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Huaihao · 2024年03月28日

该题最后一步永续年金的折现率为什么是8%-3%

  1. CFA I
  2. Quantitative

NO.PZ2023052407000004

问题如下：

Suppose Mylandia announces that it expects significant cash flow growth over the next three years, and now plans to increase its recent CAD2.40 dividend by 10 percent in each of the next three years. Following the 10 percent growth period, Mylandia is expected to grow its annual dividend by a constant 3 percent indefinitely. Mylandia’s required return is 8 percent. Based upon these revised

expectations, The expected share price of Mylandia stock is:

选项：

A.

CAD49.98

B.

CAD55.84

C.

CAD59.71

解释：

C is correct. Following the first step, we observe the following expected dividends for Mylandia for the next three years:


The second step involves a lower 3 percent growth rate. At the end of year four, Mylandia’s dividend (D4) is expected to be CAD3.29 (=2.40×1.103 ×1.03). At this time, Mylandia’s expected terminal value at the end of three years is CAD65.80 using Equation 17, as follows:


Third, we calculate the sum of the present values of these expected dividends using Equation 16:


这里不是年增长3%吗，r不应该等于3%吗

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1 个答案

品职助教_七七 · 2024年03月28日

嗨，努力学习的PZer你好：


永续增长模型的分母为r-g。

其中3%为“...grow its annual dividend by a constant 3 percent indefinitely”。即增长率g。

8%为“required return is 8 percent”，即r。r是利率，而不是增长率。

故r-g=8%-3%

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努力的时光都是限量版，加油！

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