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豆好 · 2019年12月11日

问一道题：NO.PZ2018103102000076

  1. CFA II
  2. Equity

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：

A.

$20.83

B.

$35.71

C.

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

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

根据画图法，第五年分红，那就是第四年年末第五年年初有2.5的分红，然后进入永旭增长。 所以，应该用2.5*（1+5%） 才对啊

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2 个答案

lanxin_sun · 2020年04月12日

P5折五年跟p4折4年我算的答案不一样。V0 = [D5(1+g)/r-g]/(1+r)^5 这个对吗？

其次终值p5这些为什么d5不折现呢？

lanxin_sun · 2020年04月12日

懂了 d5要折现5年相加答案一致

maggie_品职助教 · 2020年04月13日

加油

maggie_品职助教 · 2019年12月12日

这道题第一阶段是前四年（没有分红），第二阶段是永续增长阶段，从第五年开始，第五年末收到第一笔分红，相当于D1。答案中求的是P4，相当于D1往零时刻折现得到的P0。


樊小容 · 2020年02月18日

为什么不是算p5？

maggie_品职助教 · 2020年02月19日

可以算P5啊，如果算P5，就是把P5和D5一起折5年到零时刻得到的结果是一样的，你可以算一下。

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