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？

添加评论

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~

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

添加评论

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

1
回答
0
关注
391
浏览

我要回答关注问题

相关问题

NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83B.$35.71C.$22.69C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69为什么不是 2.5*1.05/7%

2024-05-10 11:10 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69 老师，这道题我读完题把它理解成了三阶段的Mol，我把第5年单独作为了一个阶段，然后5年乘增长率，然后求出PV，再用CF求最后值，这样可以么？2）1-4年是没红利，CF1-CF4不输入零，可以么？

2023-07-29 16:05 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69 前面方法跟答案解析一直，我用CF的方法求NPV，CF01到CF04都输入0，CF5输入35.71， I/Y12, 最后NPV算出来等于20.268，请问老师我哪里错了吗？

2023-05-28 18:29 1 · 回答

NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{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}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69 请问老师，为什么不用加前面2.5/1.12+2.5*1.05/1.12^2+...那些？

2022-07-17 18:56 1 · 回答

D1至D4阶段，每年分红的2.5元不用折现至V0吗？

1 个答案

1

0

391

相关问题