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Junqi · 2020年01月13日

问一道题:NO.PZ201710200100000105

* 问题详情,请 查看题干

问题如下:

5. If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:

选项:

A.

US$19.58

B.

US$20.36

C.

US$21.54

解释:

C is correct.

The current value of XYZ stock would be calculated as follows:

V0 = [P3/(1 + r)3], where P3 = D4/(r – g).

Given D4 = 1.72, r = 10%, and g = 4%,

V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.

为什么是往前折现3年,不是说pay div four years from now么?

1 个答案

maggie_品职助教 · 2020年01月14日

嗨,从没放弃的小努力你好:


因为我们折的是P3, P3是第三年末时点的价值,把它折现到零时刻需要折三年。而我们用D4来计算P3, 根据GGM公式,P0=D1/r-g, 因此,P3=D4/r-g.


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