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marking134 · 2021年05月14日

这道题求D5的时候为什么是用高的那个增长率4.8而不是低的那个增长率

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000209

问题如下：

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项：

A.

underpriced.

B.

fairly priced.

C.

overpriced.

解释：

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D1 = 2.000 × (1.048)1 = 2.096

D2 = 2.000 × (1.048)2 = 2.197

D3 = 2.000 × (1.048)3 = 2.302

D4 = 2.000 × (1.048)4 = 2.413

D5 = 2.000 × (1.048)4 × 1.04 = 2.510

Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =USD56.372

这道题求D5的时候为什么是用高的那个增长率4.8而不是低的那个增长率
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1 个答案

追风少年_ 品职助教 · 2021年05月14日

嗨，努力学习的PZer你好：


同学，老师没太明白同学的问题，这道题D5先用4.8求出了D4，然后题目告诉我们四年后g是4，所以在用D4*1.04算出D5

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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