D1至D4阶段，每年分红的2.5元不用折现至V0吗？

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：

$20.83

$35.71

$22.69

解释：

C is correct.

考点：Dividend discount model

解析:

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

如果我没理解错的话。。题目的意思是前五年每年分红2.5元（即D1=D2=···=D5=2.5），D6开始增长5%，为什么D1至D5不折现？

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已采纳答案

王园圆_品职助教 · 2022年04月12日

嗨，爱思考的PZer你好：

同学你好，你理解错了哦“Company M`s dividends are suspended for the first four years because of the significant growth opportunity”这里的意思是前面4年都不发分红的意思哦~~要第五年才开始发，所以D1到D4是0哦~

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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reiraling · 2022年04月13日

谢谢辅导员对不起没注意第一句话哈哈哈

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D1至D4阶段，每年分红的2.5元不用折现至V0吗？

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