NO.PZ202303150300000302
问题如下:
Using the H-model, the information in Exhibits 1 and 2, and Jatin’s estimates for growth and required return on the stock, the intrinsic value of CRN’s stock as of 20X3 is closest to:选项:
A.$22.22. B.$17.55. C.$18.38.解释:
SolutionC is correct. The H-model is,where
D0 = Dividend/Number of shares
D0 = $48/$50 = $0.96
gS = Initial short-term dividend growth rate = 20%
gL = Normal long-term dividend growth rate = 6%
r = 11% + 2% = 13%
H = 4/2 = 2
= = 14.54
= = $3.84
V0 = $14.54 + $3.84
= $18.38
A is incorrect. It uses 2H (instead of H) in the second part of the equation.
D0(1 + gL)/(r – gL) = 0.96 × 1.06/(0.13 – 0.06) = $14.54;
D02H(gS – gL)/(r – gL) = 0.96 × 4(0.20 – 0.06)/(0.13 – 0.06) = $7.68
V0 = $14.54 + $7.68 = $22.22
B is incorrect. It neglects to multiply D0 by the long-term growth rate in the first part of the equation.
D0/(r – gL) = 0.96/(0.13 – 0.06) = $13.71;
D0H(gS – gL)/(r – gL) = 0.96 × 2(0.20 – 0.06)/(0.13 – 0.06) = $3.84
V0 = $13.71 + $3.84
= $17.55
老师好,本题答案中要求回报率 r = 11% + 2% = 13%
我审题时,是按照ROE=120/(800+87.3)+2%=15.52%来计算的。
麻烦您帮忙看一下我的解题思路错在哪里:
1、Jatin disagrees with Alahtab’s preference for the Gordon growth model.
2、Alahtab ues the capital asset pricing model (CAPM), he arrives at 11% as the required rate of return on the stock.
3、问题的题干是Using Jatin’s estimates for growth and required return on the stock来计算。
所以,为什么不是使用ROE来代替要求回报率呢?