计算步骤出现错误了吗

* 问题详情，请查看题干

NO.PZ201710200100000209

问题如下：

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项：

underpriced.

fairly priced.

overpriced.

解释：

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D₁ = 2.000 × (1.048)¹ = 2.096

D₂ = 2.000 × (1.048)² = 2.197

D₃= 2.000 × (1.048)³ = 2.302

D₄= 2.000 × (1.048)⁴ = 2.413

D₅= 2.000 × (1.048)⁴ × 1.04 = 2.510

$\begin{array}{l} V a l u e p e r s h a r e = \frac{2.096}{{(1 + 0.078)}^{1}} + \frac{2.197}{{(1 + 0.078)}^{2}} + \frac{2.302}{{(1 + 0.078)}^{3}} + \frac{2.413 + \frac{2.510}{(0.078 - 0.04)}}{{(1 + 0.078)}^{4}} \\ = U S D 56.372 \end{array}$

我算出来D1-D4是一致的，但D5的计算方法难道不是D4+P4=2.4125*(1+4%)/7.8%-4%么，然后用CF的计算器那边录入，计算NPV算value么

添加评论

1 个答案

王园圆_品职助教 · 2024年07月15日

同学你好，你这个2.4125*(1+4%)/7.8%-4%公式算出来的是P４不是D5，也不是D４＋P4哦

按照GGM，P0=D1/(r-g),所以P4=D5/(r-g)——这个P4代表的是从第5年开始到未来每年的分红统一折现到第4年年末的价值，所以有了P4就不需要D5了，D5已经包含在P4里面了

另外注意，第四年年末有4笔现金流，是D4+P4，所以就是2.4125+P４

你用NPV计算器计算的时候，应该是CF1到CF3分别带入D1到D3，然后CF4带入2.4125+P４才可以得到正确答案呢

添加评论

1
回答
0
关注
125
浏览

我要回答关注问题

相关问题

NO.PZ201710200100000209 问题如下 9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois: A.unrprice B.fairly price C.overprice A is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 2.000 × (1.048)4 × 1.04 = 2.510 Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =US6.372 根据P=2/52=3.8%而稳定期都有4%，就是说以市场价格投资能获得至少4%-3.8%=1.2%收益，所以现在价格低估了

2024-04-17 15:53 1 · 回答

NO.PZ201710200100000209 问题如下 9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois: A.unrprice B.fairly price C.overprice A is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 2.000 × (1.048)4 × 1.04 = 2.510 Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =US6.372 我不是很明白，有的时候要多加一期v折现，有的时候不加？就比如本大题的第5小题，22年的v就没折现，npv不包括，为什么这一题要加上去，可以不加吗？

2024-04-08 00:33 1 · 回答

NO.PZ201710200100000209 问题如下 9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois: A.unrprice B.fairly price C.overprice A is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 2.000 × (1.048)4 × 1.04 = 2.510 Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =US6.372 请问这题不能使用implievingrowth rate的方式反推g（即g=r-/P0）来对比两个g从而得出高估低估的原因是不是因为它是两阶段？所以无法直接用这个公式对比。

2023-06-14 23:34 1 · 回答

NO.PZ201710200100000209问题如下9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois:A.unrpriceB.fairly priceC.overpriceA is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 2.000 × (1.048)4 × 1.04 = 2.510 Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =US6.372 ？？？？？？？？？？？？？

2023-03-17 00:22 1 · 回答