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Hugogooo · 2020年05月16日

问一道题:NO.PZ2018103102000085 [ CFA II ]

问题如下:

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $0.5 per share and 10%, respectively. The company will experience a highly growth of 10% at the first two years, followed by a 5% of growth in another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What's the value of Company M?

选项:

A.

$8.16

B.

$8.64

C.

$9.67

解释:

B is correct.

考点:Three Stage Model

解析:

\(PV_4=\frac{D_4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146\)

\(P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64\)

额 看着底下的公式计算都是乱码 能贴个图么
1 个答案

maggie_品职助教 · 2020年05月18日

嗨,努力学习的PZer你好:



-------------------------------
努力的时光都是限量版,加油!


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