NO.PZ2018103102000045
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’s growth rate declines linearly from 12 percent in the first year to 6 percent in the fifth. PZ’s total dividends paid on 2017 was $0.22.The estimated that the required return is 9 percent. What is the intrinsic value of the stock?
选项:
A.$10.32.
B.$15.40.
C.$8.65.
解释:
C is correct.
考点:H-model
解析:C是正确的。根据题干信息我们可以使用H模型来计算股票的内在价值,H模型的公式,股票的内在价值为
请问所以in the fifth需要理解为在第五年刚开始的时候就开始下降?