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Darlene · 2024年05月13日

我的做法： 画图，先求P4，然后再用GGM求出P2，再用GGM求出P0=NPV=11.50 为什么不分三个阶段来求？

  1. CFA II
  2. Equity

NO.PZ2018103102000085

问题如下：

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $0.5 per share and 10%, respectively. The company will experience a highly growth of 10% at the first two years, followed by a 5% of growth in another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What's the value of Company M?

选项：

A.

$8.16

B.

$8.64

C.

$9.67

解释：

考点：Three Stage Model

解析：

PV4=D4×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{D_4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146

P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64

具体做法，画图

1，先把所有的dividend求出来 D1=0.55,D2=0.605,D3=0.635,D4=0.667,D5=0.687.

2,求P4=D5/10%-3%=9.815

前面都没问题，接下来就和答案不一样，麻烦老师指出我的错误：

3，求P2=D3/10%-5%=12.7

4，求第一阶段的NPV，用计算器输入，CF0=1，CF1=0.55，CF2=0.605+12.7，I/Y=10，NPV=11.50

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1 个答案

王园圆_品职助教 · 2024年05月13日

同学你好，你求的P2是什么？？助教没看懂，也没见过这种求法呢

你这么求不是相当于默认公司分红只分了两阶段增长，第二阶段D３开始都是按照５％的增长率永续增长了嘛？那第三阶段的３％增长率就不见了？P4也不见了？

同学注意，题目说了分红按照三阶段增长，那P4就是终值了（没有P2）

你只要直接把D1，D2，D3，D4+P4分别带入计算器的CF１到CF４，就能得到V０的值了

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NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4​=r−gL​​×(1+gL​)​=10%−3%0.667×(1+3%)​=$9.8146P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64P=1.10.55​+1.120.605​+1.130.63525​+1.140.667+9.8146​=$8.64 老师您好，这道题我用计算器NPV功能计算的，发现CF0如果输入0.5的话计算结果就不正确，输入0就和答案一样。请问这里的第0期的CF0为什么不用输入0.5这个数值呢？

2024-05-09 23:57 1 · 回答

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2023-08-08 18:19 1 · 回答

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