NO.PZ2018062002000159
问题如下:
Jack,an analyst of a PE, expects to buy common stock today and sell it two years later. The investors estimates dividends for the next two years are D1 and D2, and stock price two years later is P2. According to the dividend discount model, the intrinsic value of the stock is the present value of:
选项:
A.D1 and D2.
B.D1.
C.D2 , P2and D1.
解释:
C is correct.
Following the dividend discount model, the intrinsic value of a stock today is equal to present value of all future cash flows. In this instance, the intrinsic value is the present value of D1, D2, and P2.
考点:Multi-stage Model
我们估值是对投资未来所有获得的现金进行折现,如果投资股票两年那么未来获得现金流包括:D1、D2、和两年后把股票卖了所得股票在第二年的价格。
D1/(1+r)与(D2+P2)/(1+r)²之和