NO.PZ2018103102000040
问题如下：
Steve is considering adding TMT Inc. in his portfolio. The company’s last dividend payment is 1.45 per share. He notes that the company’s dividends have increased at an average rate of 6 percent. Based on the information below, estimate the TMT Inc’s stock’s value?
选项：
A.
$25.62
B.
$34.21
C.
$40.45
解释：
C is correct.
考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate
解析：C是正确的。根据CAPM计算要求回报率：r=3.5%+1.4(8%-3.5%)=9.8%
使用戈登增长模型计算股票价值V0=D1/r-g=1.45(1.06)/(0.098-0.06)=40.45
8%为什么不是ERP而是RM？
