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:
SolutionA is correct. Using the H-model, the value is $29,00 calculated as follows:
DO(1+gL)r−gL+DOH(gS−gL)r−gL
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