2017有0.22的分红,为什么CF0不是0.22?
问题如下图:
选项:
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解释:
NO.PZ2018103102000042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. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. 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,终值V4= $12.23。看见这个两阶段的M求终值,我直接就开始代入那个t/2××(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
NO.PZ2018103102000042 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. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. 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,终值V4= $12.23。 terminvalue 不用再 除以(1+9%)^4 折现到现在吗?
NO.PZ2018103102000042 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. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. 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,终值V4= $12.23。 老师,这个问题的终值指P4。那如果是三阶段M呢,比如说0-4年g1, 4-6年g2, 6年后g3,那terminvalue是P4吗?
NO.PZ2018103102000042 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. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. 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,终值V4= $12.23。 请问,终值为什么不计入?而只考虑V4呢?
NO.PZ2018103102000042 老师 teiminvalue为什么是求GGM的值 题目是读懂了 但是问题没明白。