请问老师,股票的总价值是否可以用计算器求NPV求出?如果用计算器的话,CF0应该输入多少呢?
问题如下图:
选项:
A.
B.
C.
解释:
NO.PZ2018103102000043 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 在计算的精度时,由于=0.22,后面的数值我下意识地使用了两位小数,分别折算得=0.25,=0.28,=0.31,=0.35,P4=12.37,然后计算得NPV=9.71,这时候和答案9.61差距已经比较大了。是不是在CFA考试时,默认计算精度为小数点后4位小数?
NO.PZ2018103102000043 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 如题
NO.PZ2018103102000043 70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 CF0为什么不是 0.22、而是0呀?谢谢
70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 算0时刻都P0,可以借鉴用H mol来近似处理吗,将H=t/2,变为H=t,计算出来结果为P0=9.53,也接近答案,快速做题
70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示,第二阶段的现值PV = 8.6651,股票的总价值是9.6072美元。因此,第二阶段的占比为8.6651/9.6072 = 0.90。 股票的总价值,和第二阶段的现价值分别是怎么算出来的?尽量用计算器的方法。