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Anna · 2024年11月10日

为什么不算V4

  1. CFA II
  2. Equity

NO.PZ2023032701000025

问题如下：

A mid-sized US company in the utilities sector with a required rate of return of 10%. Peters and her team believe that because of a recent restructuring, the company is unlikely to pay dividends for the next three years. However, the team expects XYZ to pay an annual dividend of US$1.72 per share beginning four years from now. Thereafter, the dividend is expected to grow indefinitely at 4% even though the current price implies a growth rate of 6% during this same period.

If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:

选项：

A.

US$19.58

B.

US$20.36

C.

US$21.54

解释：

The current value of XYZ stock would be calculated as follows:

V0 = [P3/(1 + r)3], where P3 = D4/(r – g).

Given D4 = 1.72, r = 10%, and g = 4%,

V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.

为什么不算V4=1.72*1.04/(0.1-0.04)，然后折回四年，所以选B？

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1 个答案

王园圆_品职助教 · 2024年11月10日

同学你好，注意，1.72是第4年的分红，你第四年的现金流少算了这个

也就是按照你的方法也可以计算，但是需要注意，第四年年末除了有V4还有D4=1.72，你需要把2笔现金流一起折现到0时刻，就能获得和本题答案一致的C选项了

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NO.PZ2023032701000025 问题如下 A misizeUS company in the utilities sector with a requirerate of return of 10%. Peters anher tebelieve thbecause of a recent restructuring, the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. Thereafter, the vinis expecteto grow infinitely 4% even though the current priimplies a growth rate of 6% ring this same perioIf the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 请问条件“Implieg 6%”对解题是不是无用的呢？

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