问题如下:
Samsonite has just paid a dividend of 500 per share. In the next four years, the annual dividend will grow at 5% a year. At the end of the fourth year, the company's shares were expected to sell for $10,000. If the required rate of return is 15%, the intrinsic value of the shares of samsonite is the closest:
选项:
A.$5,000.
B.$7,319
C.$7,870.
解释:
B is correct.
V 0 =525/1.15+551.25/1.15^2+579/1.15^3+608/1.15^4+10000/1.15^4=7319
刚刚拿了dividend,T0=500,下面4年,每年股利以5%的速度增长,所以,T1=500*1.05=525,T2=500*1.05^2,T3=500*1.05^3,T4=500*1.05^4,第四年末也就是第五年初卖出股票,10000/1.15^5,请问这么算有什么问题呢?为什么答案里面写的是第四年的初时候就直接卖出股票折现了呢?