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9747814 · 2024年04月03日

Following the 10 percent growth period, Mylandia is expected to

  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:


这句话的意思是前三年按10%增长随后按3%永续增长？所以G=3不能是10是吧？65.8算的是第四年的PV也就是第三年的FV？

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1 个答案

品职助教_七七 · 2024年04月04日

嗨，爱思考的PZer你好：


这句话的意思是前三年按10%增长随后按3%永续增长？--------------对。从D3往后，就按照3%增长，即从D4开始就等于D3*（1+3%）了，不能再乘以1+10%。

65.8是基于D4来算的永续增长模型，这个模型要算到Dividend的前一期，也就是第3期。所以65.8等于的是 将从D4开始的所有后续股利都折现到第三期的现值。由于这个现值位于第三期，所以还需要往前折现三期才能得到最终的现值。即65.8/1.08^3 。

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