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huangme7 · 2024年04月22日

问题

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NO.PZ202303150300000203

问题如下:

Using Exhibit 1 and Jackson’s selected model for the high growth stock, the value is closest to:

选项:

A.$29.00. B.$30.00. C.$32.00.

解释:

Solution

A is correct. Using the H-model, the value is $29,00 calculated as follows:

DO(1+gL)rgL+DOH(gSgL)rgL

Where:

D0 = the current dividend: $2.00

gL = the long-term growth rate: 4%

gS = the short-term growth rate: 8%

H = the half-life of the high growth period: 6/2 = 3

2.00(1+gL)0.12.04+2.00×3(.08.04)0.12.04

= $26.00 +3.00 = $29.00

B is incorrect. It grows the dividend in the first term by the higher growth rate 8% not 4% making the first term $27.00 and the total = $27.00 + 3.00 = $30.00

C is incorrect. It uses the full six years not the half-life value for H; therefore, the second term = $6.00 and the total = $26.00 + 6 = $32.00

能不能讲下怎么记忆Hmodel公式

1 个答案

王园圆_品职助教 · 2024年04月22日

同学你好,第一阶段高速增长gs然后线性下滑到慢速增长gl的过程,可以看成是一个直角三角形求面积

也就是高D0*(gs-gl)乘以底边(也就是这段匀速下滑的时间)再乘以1/2,就得到了三角形的面积(图中紫色三角形部分)

这一段面积,除以(r-gl)就是高速到低速增长期间的value了,剩下一段就是正常的慢速增长期间的value,就正常用D0*(1+gl)/(r-gl)计算即可

然后把两段value相加就是H model求的总的value

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