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Lin · 2022年03月23日

为什么不是D。*(1+g)/r-g

NO.PZ2018103102000076

问题如下:

Company M`s dividends are suspended for the first four years because of the significant growth opportunity. The management states that the company will pay the dividend of $2.5 per share during the fifth year. Thereafter, the dividend will continue to grow at 5% per year into the indefinite future. The required rate of return is 12%. What`s the intrinsic value of Company M`s stock?

选项:

A.

$20.83

B.

$35.71

C.

$22.69

解释:

C is correct.

考点:Dividend discount model

解析:

P4=D5rg=2.512%5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{D_5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69

请问求TV时分母为什么不用2.5*(1+5%),而是用2.5?

1 个答案
已采纳答案

王园圆_品职助教 · 2022年03月23日

嗨,爱思考的PZer你好:


同学你好,你的这种计算方法也可以计算啊,不过因为2.5*(1+5%)是第6年的分红,所以向前折现的时候是折到第五年,之后和第五年的分红2.5一起再向前折现到0时刻即可。得出来的结果和本题是一样的

V0 = 2.5/(1+12%)^5 + [2.5*(1+5%)/(12%-5%)]/(1+12%)^5 

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努力的时光都是限量版,加油!

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