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Hugogooo · 2020年05月16日

问一道题：NO.PZ2018103102000076 [ CFA II ]

  1. CFA II
  2. Equity

问题如下：

Company M`s dividends are suspended for the first four years because of the significant growth opportunity. The management states that the company will pay the dividend of $2.5 per share during the fifth year. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The required rate of return is 12%. What`s the intrinsic value of Company M`s stock?

选项：

A.

$20.83

B.

$35.71

C.

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

P4=D5r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{D_5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69

请问，为什么要计算p4，第五年开始分红、有变化，不是从第五年往回折现么？
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1 个答案

Debrah_品职答疑助手 · 2020年05月17日

同学你好，这道题目用的公式是V0=D1/(Re-g)，用第五年的分红作为D1，计算的第四年末的Value（V0），然后再折四年折现到0时刻。也可以计算第五年末的value，再折五年折现到0时刻。是一样的。

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