问题如下:
Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. After carefully considering the characteristics of the company and its competitors, she believes the company’s growth rate declines linearly from 12 percent in the first year to 6 percent in the fifth. PZ’s total dividends paid on 2017 was $0.22.The estimated that the required return is 9 percent. What is the intrinsic value of the stock?
选项:
A.$10.32.
B.$15.40.
C.$8.65.
解释:
C is correct.
考点:H-model
解析:C是正确的。根据题干信息我们可以使用H模型来计算股票的内在价值,H模型的公式,股票的内在价值为
这道题说了从第一年的12%开始下降到第五年的6%,有两种解释:
1.如果理解为第一年初开始下降,那这道题的下降周期即H应该等于5年,t=2.5
2.如果理解为从第一年年末开始下降,则本题为三阶段H-model,第一阶段12%第一年,第二阶段从第二年年开始linear下降四年到第五年的6%,第三阶段为永续6%