intrinsic value和terminal value

NO.PZ2018103102000076

问题如下：

Company M`s dividends are suspended for the first four years because of the significant growth opportunity. The management states that the company will pay the dividend of $2.5 per share during the fifth year. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The required rate of return is 12%. What`s the intrinsic value of Company M`s stock?

选项：

$20.83

$35.71

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

$P_4=\frac{D_5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69$

老师请帮忙解释一下上面这两个value的区别，我总是弄不清楚

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1 个答案

王园圆_品职助教 · 2025年04月17日

同学你好，intrinsic value就是我们通常说的对公司的估值或者本题中的V0

而terminal value是指公司进入永续增长阶段以后的所有现金流折现到进入永续增长前一年年末的价值之和，在本题中就是P4

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