NO.PZ2015122801000065
问题如下:
Veronica has estimated that company A will pay dividends of $1.5 and $2.5 respectively at the end of year 1 and year 2. Dividends are expected to grow at a 5% rate after the second year. Other useful information are shown in the following table.
What's the intrinsic value of company's shares?
选项:
A.$36.
B.$41.
C.$44.
解释:
B is correct.
The required rate of return is 3% + 1.1*7% = 10.7%.
D1=1.5, D2=2.5
PV2= 2.5*(1.05) / (0.107 - 0.05) = 46.05.
V= 1.5 / 1.107 + (2.5 + 46.05) / 1.107^2 = 40.98.
B是正确的
本题考察的是两阶段红利折现。
通过画图可以看出,公司A的红利在第三年开始永续增长,把第三年的红利用GGM=D3/(r-g)可以得到第二年年末未来所有红利的折现之和P2.再和第二年年末的D2相加可得第二年年末的所有需要折现至0时刻的现金流。此时再用DDM模型分红把第一年和第二年年末现金流折现至0时刻即可求解。
D1=1.5, D2=2.5
PV2= 2.5*(1.05) / (0.107 - 0.05) = 46.05.
V= 1.5 / 1.107 + (2.5 + 46.05) / 1.107^2 = 40.98.
需要注意的是,这里的r = 3% + 1.1 * 7% = 10.7%。因为题目提供的是market risk premium而不是market return,所以这里的7%直接代表(market return – risk free return)
如题