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霖慢慢 · 2019年12月17日

问一道题:NO.PZ2018103102000152

问题如下:

A Canadian company in the consumer staples sector with a required rate of return of 7.35%. Recent media reports suggest that ABC might be a takeover candidate. Peters and her team estimate that if a new government takes office in Canada, then the ABC will likely grow by 3.5% indefinitely.

If Peters and her team use the Gordon growth model and assume that Company ABC stock is fairly valued, then which of the following would most likely be true? 


选项:

A.

The total return of ABC stock will be 10.85%. 

B.

The dividend yield of ABC stock will be 3.85% 

C.

The stock price of ABC will grow at 7.35% annually 

解释:

In the Gordon growth model, Total return = Dividend yield + Capital gains yield (i.e., constant growth rate). When a stock is fairly valued, the expected total return will equal the required return or discount rate (i.e., 7.35%). In the case of ABC, the total return is 7.35% and the capital gains yield is 3.5%. Therefore, the dividend yield is 7.35% – 3.5% = 3.85% 

GGM模型里没有dividend yield吧

1 个答案
已采纳答案

maggie_品职助教 · 2019年12月18日

有啊,GGM: P=D1/r-g, 公式变形把r挪到左边:r=D1/p+g. r是投资一只股票的总收益,总收益包括两个部分:资本增值和红利的收益,g代表的是capital gains yield,D1/p代表的是dividend yield。请见讲义116页:



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