问一道题：NO.PZ2018103102000041

问题如下：

Steve is considering adding TMT Inc. in his portfolio. One of his colleagues Alan who also interested in TMT suggested that the stock’s current market price of $30.79 is equal to the fair value of the stock. What is the implied growth rate of dividends given the stock’s market price? Given the required return on equity is 9.8% and the company’s last dividend payment is 1.45 per share.

选项：

6.44%.

4.86%.

7.32%.

解释：

B is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：B是正确的。如果公司的内在价值等于当前市价30.79，那么使用戈登增长模型反推隐含增长率：V0=D1/r-g

(9.8%-g)30.79=1.45(1+g)

g=4.86%

此题为什么不用g=roe*b=9.8%*(1-1.45/30.79)?

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1 个答案

maggie_品职助教 · 2020年02月13日

注意哦，9.8%不是ROE，它是re(required return on equity)权益的要求回报率。

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NO.PZ2018103102000041 问题如下 Steve is consiring aing TMT Inin his portfolio. One of his colleagues Alwho also interestein TMT suggesteththe stock’s current market priof $30.79 is equto the fair value of the stock. Whis the impliegrowth rate of vin given the stock’s market price? Given the requirereturn on equity is 9.8% anthe company’s last vinpayment is $1.45 per share. 6.44%. 4.86%. 7.32%. B is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析B是正确的。如果公司的内在价值等于当前市价30.79，那么使用戈登增长模型反推隐含增长率V0=/r-g (9.8%-g)30.79=1.45(1+g)g=4.86% 算不出正确答案？用GGM，V0=(1+g)/re-g1.45（1+g）=30.70（9.8-g），g=9.314%

2024-05-13 09:58 1 · 回答

NO.PZ2018103102000041 4.86%. 7.32%. B is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析B是正确的。如果公司的内在价值等于当前市价30.79，那么使用戈登增长模型反推隐含增长率V0=/r-g (9.8%-g)30.79=1.45(1+g) g=4.86% 如题谢谢。就是求要求回报率那个公式

2022-01-09 15:01 1 · 回答

不是last 吗？分红，应该要连续乘以两个增长率吧？

2020-02-19 21:49 1 · 回答

问一道题：NO.PZ2018103102000041

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