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发表于 2011-3-18 14:16 | 只看该作者

Reading 42: Discounted Dividend Valuation-LOS k 习题精选

style, center, discuss, expected, 2011
Session 11: Equity Valuation: Industry and Company Analysis in a Global Context
Reading 42: Discounted Dividend Valuation

LOS k: Explain terminal value, and discuss alternative approaches to determining the terminal value in a DDM.

 

 

Kyle Star Partners is expected to have earnings in year five of $6.00 per share, a dividend payout ratio of 50%, and a required rate of return of 11%. For year 6 and beyond the dividend growth rate is expected to fall to 3% in perpetuity. Estimate the terminal value at the end of year five using the Gordon growth model.

A)
 $38.63.
B)
 $37.50.
C)
 $27.27.

 

The dividend for year 5 is expected to be $3 ($6 times 50%). The dividend for year 6 is then expected to be $3.00 × 1.03 = $3.09. The terminal value using the Gordon growth model is therefore:

terminal value = 3.09 / (0.11 ? 0.03) = $38.625

P5 = D6 / (k ? g)

 

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土豆妮

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发表于 2011-3-18 14:17 | 只看该作者

Q-Partners is expected to have earnings in ten years of $12 per share, a dividend payout ratio of 50%, and a required return of 11%. At that time, ROE is expected to fall to 8% in perpetuity and the trailing P/E ratio is forecasted to be eight times earnings. The terminal value at the end of ten years using the P/E multiple approach and DDM is closest to:

P/E multiple DDM

A)
96.32 85.71
B)
96.00 89.14
C)
96.32 89.14

Terminal Value = P/E × EPS
= 8 × 12 = 96

D10 = 0.5 × 12 = 6

g = 0.50 × 0.08 = 4%

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3#
发表于 2011-3-18 14:17 | 只看该作者

Methods for estimating the terminal value in a DDM are least likely to include:

A)
 the Gordon Growth Model.
B)
 PVGO.
C)
 the market multiple approach.

No matter which dividend discount model we use, we have to estimate a terminal value at some point in the future. There are two ways to do this: using the Gordon growth model and the market multiple approach (i.e., a P/E ratio).

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