NO.PZ201710200100000201
问题如下：
1. Based on Exhibit 1, when Withers applies the first valuation approach to Ukon Corporation, the estimated value of the stock at the end of the first stage represents the:
选项：
A.present value of the dividends beyond year 2021.
B.present value of the dividends for years 2018 through 2021.
C.sum of the present value of the dividends for 2018 through 2021 and the present value of dividends beyond year 2021.
解释：
A is correct because the estimated value of the stock at the end of the first stage of a basic two-stage DDM (terminal value) is the present value of all dividends beyond the first stage. The first stage is 2018 through 2021, and the second stage begins in 2022, so the terminal value (that is, the value of the stock at the end of 2021) is the present value of future dividends beyond 2021.
老师好，
21年的dividend也是落在22年年初（21年年尾），那它为什么没包在答案里面呢？谢谢老师
