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游得过 · 2024年04月08日

我不是很明白，有的时候要多加一期div折现，有的时候不加？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000209

问题如下：

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项：

A.

underpriced.

B.

fairly priced.

C.

overpriced.

解释：

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D1 = 2.000 × (1.048)1 = 2.096

D2 = 2.000 × (1.048)2 = 2.197

D3 = 2.000 × (1.048)3 = 2.302

D4 = 2.000 × (1.048)4 = 2.413

D5 = 2.000 × (1.048)4 × 1.04 = 2.510

Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =USD56.372

我不是很明白，有的时候要多加一期div折现，有的时候不加？就比如本大题的第5小题，22年的div就没折现，npv不包括，为什么这一题D5要加上去，可以不加吗？

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1 个答案

王园圆_品职助教 · 2024年04月08日

同学你好，你有自己真的去计算一下这两道题么？以下是你说的前面的第5小题，助教也把计算过程的Excel 表格截图下来了，第5题的2022年的分红是计算了的，并且其原理和本题相同，都是拿最后一年的分红做分子，要求回报率减去永续增长率做分母得出terminal value来计算的。你自己算一遍就知道了，两道题没有任何本质的不同

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