NO.PZ2018062002000171
问题如下:
Tesla,a leading new energy carmaker, both it's earnings and dividends are expected to grow at a rate of 5 percent a year in a mature industry.Which of the following model is best to determine the intrinsic value of tesla?
选项:
A.Gordon growth model.
B.Dividend discount model.
C.Free cash flow to earning model.
解释:
A is correct.
Tesla is a mature company, the dividend yield has risen steadily.A two-stage (or multi-stage) model is unnecessary, because the dividend growth rate is expected to be stable. Although an FCFE model works, that model is more frequently selected for firms do not pay dividends.
考点:GGM
我们在估计一家公司的权益价值时可以选择一阶段或多阶段的股利折现模型或FCFE折现模型。因为题目告诉我们这是一家成熟的公司,且股利以固定速度增长,那么最佳方案就是一阶段股利折现模型(GGM)。
B:DDM模型适合未来成长分阶段的公司,GGM相当于是DDM的特殊形式,在估计成熟公司(一阶段)的时候g恒定,所以公式可以简化成GGM。
C:我们并没有学过free cash flow to earing model,一看选项C就可以直接排除,这就是充数的选项。
GGM其实是特殊形式的DDM(当股利可以以固定速率增长)
是不是一级 做的题这块的 基本都是GGM?