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reiraling · 2022年04月12日

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:

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

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?

1 个答案
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!

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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