问题如下:
Peter, an analyst is trying to assess the company's stock. The company just paid a dividend of $0.50 a share. The dividend is expected to grow by 25% next year, and 10% the year after. Starting from the third year, the dividend is expected to grow by 5% a year. If the required rate of return is 8%, the intrinsic value of the stock is closest to:
选项:
A.$20.00
B.$25.00.
C.$21.8
解释:
C is correct. V 0 =0.625/1.08+0.6875/(1.08^2)+24.0625/(1.08^2)=21.8
Note that D1 = 0.5(1.25) = 0.625, D2 = 0.5(1.25)(1.1) = 0.6875, and P2 = D3/(k – g) =0.6875 (1.05)/(0.08 – 0.05) = 24.0625
老师,这道题用计算器怎么摁才能算?