问一道题：NO.PZ201710200100000102 第2小题 [ CFA II ]

NO.PZ201710200100000102问题如下Gianna Peters is investment analyst who focuses on vinpaying stocks. Peters uses a scountecash flow (F) approato stoselection. She is meeting with her staff to evaluate portfolio holngs baseon a bottom-up screening of stocks listein the UniteState anCana. Peters anher staff begin reviewing the characteristiof the following portfolio cantes.Company ABCanacompany in the consumer staples sector with a requirerate of return of 7.35%. Recent mea reports suggest thAmight a takeover cante . Peters anher teestimate thif the incumbent Canaprime minister’s party retains its power, the company’s current annuvinof C$0.65 per share will grow 12% a yefor the next four years anthen stabilize a 3.5% growth rate a yeinfinitely. However, if a new government takes offiin Cana, then the teestimates thAwill likely not experienthe elevate12% short-run growth because of new regulatory antchanges, aninstewill grow 3.5% infinitely.Company XYZA misizeUS company in the utilities sector with a requirerate of return of 10%. Peters anher tebelieve thbecause of a recent restructuring, the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. Thereafter, the vinis expecteto grow infinitely 4% even though the current priimplies a growth rate of 6% ring this same perioCompany JZYA large US company in the telecom sector with a requirerate of return of 8%. The stois currently trang US$32.76 per share with implieearnings growth rate of 5.3%. Peters believes thbecause JZY is mature anha stable capitstructure, the company will grow its sustainable growth rate. Over the past 10 years, the company’s return on equity (ROE) haverage8.17% anits payout ratio haverage40%. Recently, the company paiannuvinof US$0.84 per share.Peters asks a newly hireanalyst, Kurt Thomas, to comment on the evaluation approafor these three stocks. Thommakes the following statements:statement1:A free cash flow valuation mol woulnot appropriate to evaluate Company Aif the firm becomes a takeover cante.statement2: A vinscount mol cannot applieto Company XYZ if vin are suspenfor a few years.statement 3: A vinscount mol is suitable for evaluating the stoof Company JZY because of the historically consistent payout ratio.Peters then asks the teto examine the growth opportunities of three Canastocks currently helin the portfolio. These stocks are listein Exhibit 1. Peters believes ththe stocks are fairly valuePeters then asks the teto examine the growth opportunities of three Canastocks currently helin the portfolio. These stocks are listein Exhibit 1. Peters believes ththe stocks are fairly value2. Assuming the incumbent government retains offiin Cana, Peters anher teestimate ththe current value of Company Astowoulclosest to:A.C$22.18.B.C$23.60.C.C$25.30.B is correct. The value of Astoccomputefollows:Given: vin() = C$0.65, Return (r) = 7.35%, Short-term growth (gS) = 12% for 4 years, Long-term growth (gL) = 3.5% thereafter. Then: = (1 + gS)1 = 0.65(1.12) = C$0.7280 = (1 + gS)2 = 0.65(1.12)2 = C$0.8154 = (1 + gS)3 = 0.65(1.12)3 = C$0.9132 = (1 + gS)4 = 0.65(1.12)4 = C$1.0228P4 = [ (1 + gL)]/(r – gL) = [ (1.035)]/(0.0735 – 0.035) = C$27.4960.V0 = /(1 + r)1 + …. + /(1 + r)4 + P4/(1 + r)4.V0 = [0.7280/(1.0735)1] + [0.8154/(1.0735)2] +[ 0.9132/(1.0735)3] + [1.0228/(1.0735)4] + [27.4960/(1.0735)4]= C$23.5984 (rounto C$23.60).为什么不用H-mol解答呢

NO.PZ201710200100000102 问题如下 2. Assuming the incumbent government retains offiin Cana, Peters anher teestimate ththe current value of Company Astowoulclosest to: A.C$22.18. B.C$23.60. C.C$25.30. B is correct. The value of Astoccomputefollows:Given: vin() = C$0.65, Return (r) = 7.35%, Short-term growth (gS) = 12% for 4 years, Long-term growth (gL) = 3.5% thereafter. Then: = (1 + gS)1 = 0.65(1.12) = C$0.7280 = (1 + gS)2 = 0.65(1.12)2 = C$0.8154 = (1 + gS)3 = 0.65(1.12)3 = C$0.9132 = (1 + gS)4 = 0.65(1.12)4 = C$1.0228P4 = [ (1 + gL)]/(r – gL) = [ (1.035)]/(0.0735 – 0.035) = C$27.4960.V0 = /(1 + r)1 + …. + /(1 + r)4 + P4/(1 + r)4.V0 = [0.7280/(1.0735)1] + [0.8154/(1.0735)2] +[ 0.9132/(1.0735)3] + [1.0228/(1.0735)4] + [27.4960/(1.0735)4]= C$23.5984 (rounto C$23.60). CF0=0,C01=0.728,C02,0.8154,C03=0.9132,C04=(1.0228+27.496)，r=1.0735,计算器算出来的NPV=29.728806,请问哪里错了

C$23.60. C$25.30. B is correct. The value of Astoccomputefollows: Given: vin() = C$0.65, Return (r) = 7.35%, Short-term growth (gS) = 12% for 4 years, Long-term growth (gL) = 3.5% thereafter. Then: = (1 + gS)1 = 0.65(1.12) = C$0.7280 = (1 + gS)2 = 0.65(1.12)2 = C$0.8154 = (1 + gS)3 = 0.65(1.12)3 = C$0.9132 = (1 + gS)4 = 0.65(1.12)4 = C$1.0228 P4 = [ (1 + gL)]/(r – gL) = [ (1.035)]/(0.0735 – 0.035) = C$27.4960. V0 = /(1 + r)1 + …. + /(1 + r)4 + P4/(1 + r)4. V0 = [0.7280/(1.0735)1] + [0.8154/(1.0735)2] +[ 0.9132/(1.0735)3] + [1.0228/(1.0735)4] + [27.4960/(1.0735)4] = C$23.5984 (rounto C$23.60).-求和是多少，我怎么算是3.9303+20.7046

    我计算出的每期现金流和终值与中的一样，但是用计算器算出的是22.18不知道为什么。。。 我直接从CF1开始计算的，请问是这个出问题了吗