开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

kevinzhu · 2021年03月08日

感觉不太对

NO.PZ2018103102000076

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=D5rg=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

v=2.5/1.12+2.5/1.12^2+2.5/1.12^3+2.5/1.12^4+2.5/1.12^5+2.5*1.05/(0.12-0.05)/1.12^5=30.29 然后再比较吗?

1 个答案

Debrah_品职答疑助手 · 2021年03月08日

嗨,爱思考的PZer你好:


我没看懂你的意思。

这道题目用的公式是V0=D1/(Re-g)。

第一步,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。35.71计算的是未来的现金流折现到第4时刻末的value。

第二步,将第4时刻末的现金流再折现到0时刻。

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 525

    浏览
相关问题

NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83B.$35.71C.$22.69C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69为什么不是 2.5*1.05/7%

2024-05-10 11:10 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69 老师,这道题我读完题把它理解成了三阶段的Mol,我把第5年单独作为了一个阶段,然后5年乘增长率,然后求出PV,再用CF求最后值,这样可以么?2)1-4年是没红利,CF1-CF4不输入零,可以么?

2023-07-29 16:05 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69 前面方法跟答案解析一直,我用CF的方法 求NPV,CF01到CF04都输入0,CF5输入35.71, I/Y12, 最后NPV算出来等于20.268,请问老师 我哪里错了吗?

2023-05-28 18:29 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69 请问老师,为什么不用加前面2.5/1.12+2.5*1.05/1.12^2+...那些?

2022-07-17 18:56 1 · 回答

NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4​=r−g​​=12%−5%2.5​=$35.71V0​=(1+r)4P4​​=1.12435.71​=$22.69如果我没理解错的话。。题目的意思是前五年每年分红2.5元(即==···==2.5),开始增长5%,为什么至不折现?

2022-04-12 13:53 1 · 回答