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我与狸奴不出门_005 · 2024年04月24日

计算要求回报率

* 问题详情,请 查看题干

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:

Solution

C is correct. The H-model isV0=D0(1+gL)+D0H(gS-gL)r-gL,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

D0(1+gL)r-gL= 0.96(1.06)0.13-0.06 = 14.54

D0H(gS-gL)r-gL = 0.96×2(0.20-0.06)0.13-0.06 = $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?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年04月24日

同学你好,

下面是题目截图——蓝色部分,Alahtab先说觉得Re应该是11%。然后Jastin说不同意Alahtab的想法,认为需要在原来Alahtab假设的CAPM基础上增加2%的equity risk premium

那就是11%+2%用来作为Re的意思

助教理解你认为这里return on the stock.说的是ROE,但我们学的知识点中从来没有用ROE再加上xx%来计算Re的这种做法,反而是expanded CAPM是会在原有CAPM的基础上加上别的premium来作为Re的计算的,所以这里一旦和知识点联系起来,就会理解题目说的是在11%的基础上加2%而不是在ROE的基础上加了哦