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邱富君Gene · 2021年05月30日

问一道题：NO.PZ2018103102000043 [ CFA II ]

  1. CFA II
  2. Equity

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 will have extraordinary growth for the next 4 years and normal growth thereafter. So, she has concluded that a two-stage DDM is the most appropriate for valuing the stock. PZ’s total dividends paid on 2017 was $0.22. She believes that the growth rate will be 12 percent the next 4 years and 6 percent afterwards. The estimated that the required return is 9 percent. What proportion of the total value of the stock is represented by the value of second stage based on this approach?

选项：

A.

90%.

B.

70%.

C.

65%.

解释：

A is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。

算0时刻都P0，可以借鉴用H model来近似处理吗，将H=t/2，变为H=t，计算出来结果为P0=9.53，也接近答案，快速做题
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1 个答案

追风少年_ 品职助教 · 2021年05月31日

嗨，爱思考的PZer你好：


H model的原理其实就是求一个直角三角形的面积，这道题告诉了在第5年，g一下降到0.06，所以如果用H model的话，相当于H=0，因为没有缓慢下降的阶段，而且H model求得是缓慢下降开始是的那个时点，按照这道题也就是第五年年初，所以最好不要，这道题只是因为Div比较小，算出来的是近似值，如果按照H model算，H=0，模型又变成了两阶段 DDM。

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NO.PZ2018103102000043 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 在计算的精度时，由于=0.22，后面的数值我下意识地使用了两位小数，分别折算得=0.25,=0.28,=0.31,=0.35,P4=12.37,然后计算得NPV=9.71，这时候和答案9.61差距已经比较大了。是不是在CFA考试时，默认计算精度为小数点后4位小数？

2024-05-08 23:46 1 · 回答

NO.PZ2018103102000043 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whproportion of the totvalue of the stois representethe value of seconstage baseon this approach? 90%. 70%. 65%. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 如题

2023-09-19 21:11 1 · 回答

NO.PZ2018103102000043 70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 CF0为什么不是 0.22、而是0呀？谢谢

2022-05-15 22:44 1 · 回答

70%. 65%. A is correct. 考点M,The Gorn Growth Mol Equation The & ImplievinGrowth Rate 解析A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。 股票的总价值，和第二阶段的现价值分别是怎么算出来的？尽量用计算器的方法。

2020-11-30 00:54 1 · 回答