问题如下:
Veronica has estimated that company A will pay dividends of $1.5 and $2.5 respectively at the end of year 1 and year 2. Dividends are expected to grow at a 5% rate after the second year. Other useful information are shown in the following table.
What's the intrinsic value of company's shares?
选项:
A.$36.
B.$41.
C.$44.
解释:
B is correct.
The required rate of return is 3% + 1.1*7% = 10.7%.
D1=1.5, D2=2.5
PV2= 2.5*(1.05) / (0.107 - 0.05) = 46.05.
V= 1.5 / 1.107 + (2.5 + 46.05) / 1.107^2 = 40.98.
老师,解析里面46.05的值为什么是PV2,这个公式不是算V0的么?