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pourquoi · 2020年07月24日

问一道题:NO.PZ2018103102000090 [ CFA II ]

问题如下:

Matt has evaluating the value of Company M of $20 per share by using the two stage model. The company has paid a dividend of $1 per share for the most recent year. The relative highly growth rate is 5% over the first three years. The required rate of return is 8% What`s the long-term growth rate?

选项:

A.

2.00%

B.

2.51%

C.

3.00%

解释:

B is correct.

考点:Two Stage Model

解析:根据公式: 20=t=131×(1+0.05)t(1+0.08)t+1×1.053×(1+gL)(0.08gL)(1+0.08)320=\sum_{t=1}^3\frac{1\times\left(1+0.05\right)^t}{\left(1+0.08\right)^t}+\frac{1\times1.05^3\times\left(1+g_L\right)}{\left(0.08-g_L\right)\left(1+0.08\right)^3}

求得gL = 2.51%

翻过来算会有点乱,用带入法(把ABC选项带进去算)可适用么?
1 个答案

Debrah_品职答疑助手 · 2020年07月24日

同学你好,代入法也是可以的。你可以试算一下,然后在考场上碰到这样的题目用代入法也就更有信心了。加油。

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NO.PZ2018103102000090 问题如下 Matt hevaluating the value of Company M of $20 per share using the two stage mol. The company hpaia vinof $1 per share for the most recent year. The relative highly growth rate is 5% over the first three years. The requirerate of return is 8% What`s the long-term growth rate? A.2.00% B.2.51% C.3.00% B is correct.考点Two Stage Mol解析根据公式: 20=∑t=131×(1+0.05)t(1+0.08)t+1×1.053×(1+gL)(0.08−gL)(1+0.08)320=\sum_{t=1}^3\frac{1\times\left(1+0.05\right)^t}{\left(1+0.08\right)^t}+\frac{1\times1.05^3\times\left(1+g_L\right)}{\left(0.08-g_L\right)\left(1+0.08\right)^3}20=∑t=13​(1+0.08)t1×(1+0.05)t​+(0.08−gL​)(1+0.08)31×1.053×(1+gL​)​求得gL = 2.51% 如题

2024-01-17 04:29 1 · 回答

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2023-09-19 21:32 2 · 回答

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2022-07-31 11:14 1 · 回答

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2022-06-05 19:58 1 · 回答

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