问一道题：NO.PZ2018103102000043 [ CFA II ]

NO.PZ2018103102000043 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 在计算的精度时，由于=0.22，后面的数值我下意识地使用了两位小数，分别折算得=0.25,=0.28,=0.31,=0.35,P4=12.37,然后计算得NPV=9.71，这时候和答案9.61差距已经比较大了。是不是在CFA考试时，默认计算精度为小数点后4位小数？

NO.PZ2018103102000043 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 如题

NO.PZ2018103102000043 70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 CF0为什么不是 0.22、而是0呀？谢谢

70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 算0时刻都P0，可以借鉴用H mol来近似处理吗，将H=t/2，变为H=t，计算出来结果为P0=9.53，也接近答案，快速做题

70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 股票的总价值，和第二阶段的现价值分别是怎么算出来的？尽量用计算器的方法。