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wxy · 2019年12月11日

GGM

You believe the Gordon (constant) growth model is appropriate to value the stock of Reliable Electric Corp. The company had an EPS of $2 in 2008. The earnings in the next year without the additional planned investments are expected to remain at $2. The retention ratio is 0.60. The company is expected to earn an ROE of 14 percent on its investments and the required rate of return is 11 percent. Assume that all dividends are paid at the end of the year.

Solution

33.35 is correct.
这是怎么算出来的?我的算法0.8÷(11%-8.4%)=30.77

1 个答案

maggie_品职助教 · 2019年12月15日

这道题请注意题干给的下一年的利润是不包含投资的获得的利润部分(without the additional planned investments),也就是no growth earning level, 它每年保持不变都是2。但是你看下一句话公司投资的ROE等于14%,这说明基于2008年公司的投资(2*0.6=1.2保留的部分用于下一年的投资),那么投资获得利润就等于1.2*14%=0.168。因此2009年总的NI=2+0.168=2.168, D1=2.168*0.4=0.8672  V=0.8672/(11%-8.4%)=33.35.

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