NO.PZ201710200100000307
问题如下:
7. Which of the following models is most appropriate for valuing HLTV?
选项:
A. H-model
B. Three-stage DDM
C. Gordon growth model
解释:
B is correct
because HLTV is forecast to have three growth stages: the growth phase (2 years at 27%), the transition phase (10 years at 12%), and the mature phase. Because the earnings growth has three stages and the dividend payoutratio is stable, a three-stage DDM is appropriate.
模型太多了这两个太像了