NO.PZ2023032701000019
问题如下:
Tanner expects short-term rapid earnings growth of 20% in 2014 for GNSK, with the rate of growth linearly diminishing over the next five years to match industry conditions thereafter. He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry. Given these assumptions and the data in Exhibit 1.
Using Bradley’s assumptions regarding GNSK and the data from Exhibit 1, GNSK’s long-term dividend growth rate is closest to:
选项:
A.
8.0%
B.
7.0%
C.
7.3%
解释:
0.037 = (0.11 – g)/(1 + g)
0.037(1 + g) + g = 0.11
0.037 + 0.037g + g = 0.11
1.037g = 0.11 – 0.037
g = 0.073 / 1.037 = 0.0704 =7.0%
看了以往的问题,还是有个疑问: 用行业平均增长率,那么为什么不能用行业的roe x (1-b)来计算g