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银色羽毛 · 2024年08月16日

有点没读懂题目

  1. CFA II
  2. Equity

NO.PZ2018103102000042

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. After carefully considering the characteristics of the company and its competitors, she believes the company will have extraordinary growth for the next 4 years and normal growth thereafter. So, she has concluded that a two-stage DDM is the most appropriate for valuing the stock. PZ’s total dividends paid on 2017  was $0.22. She believes that the growth rate will be 12 percent the next 4 years and 6 percent afterwards. The estimated that the required return is 9 percent. What is the terminal value of the stock based on this approach?

选项：

A.

$12.23.

B.

$20.12.

C.

$31.09.

解释：

A is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：A是正确的。如表所示，终值V4= $12.23。

看见这个两阶段的DDM求终值，我直接就开始代入那个t/2×D0×(gs-go)的那个公式了，结果求出来的结果和答案没有一个相符的，想请问是不是我题目没读懂或者公式的基本含义没搞懂

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1 个答案

王园圆_品职助教 · 2024年08月16日

同学你好，你用到公式是H－model，是二级equity中一个比较小的知识点，一般题目只有明确说了公司的分红增长率是”linearly“下降的，或是明确要求用Hmodel进行估值，否则都是用不到这个模型的

本题描述的就是最基本的两阶段DDM模型对公司估值，第一阶段的4年分红都是按照12%的速度增长的，而第二阶段的永续阶段都是按照6%的速度增长的。同学按照两阶段DDM模型进行求解即可哦


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