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大白 · 2022年02月23日

算多阶段为什么不加D0呢?

NO.PZ2018103102000089

问题如下:

Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $1.0 per share and 7.5%, respectively. The company will experience a highly growth of 5% during the first three years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What`s the value of Company M?

选项:

A.

$22.66

B.

$24.15

C.

$25.15

解释:

B is correct.

考点:Two Stage Model

解析:

PV3=D4rgL=1.197.5%3%PV_3=\frac{D_4}{r-g_L}=\frac{1.19}{7.5\%-3\%}=26.44

P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}=24.15

算多阶段为什么不加D0呢?

1 个答案

王园圆_品职助教 · 2022年02月23日

嗨,努力学习的PZer你好:


同学你好, 我们进行估值的时候,有一个最基础的原理是,资产的价值等于其未来产生的所有现金流折现之和。既然是未来,和当下的D0就没有任何关系哦~~~无论是几阶段模型,都不考虑计算D0哦

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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