各位大大好，
这是我第三次复习这个习题，但还是没能解决，希望大家能帮帮忙，解说些给小弟 （也希望没有发错版）
CFA question:
Assume a stock is expected to pay dividents at the end of year 1 and year 2 of $1.25 and $1.56, respectively. Dividends are expected to grow at a 5% rate thereafter. Assuming that k is 11%, the value of the stock is closest to which of the following?
a 22.30
b 23.42
c 24.55
answer: C ($1.25/1.11) + 1.56/ (0.11-0.05)/ 1.11 = 24.55
A stock just paid a dividend of $1. The dividend for the next three year is expected to grow at a 30% rate, after which the dividend in the fourth year and all future years is expected to grow at a rate consistent with an ROE of 10% and a dividend payout ration of 60%. If the discount rate is 14%, the value of the stock is closest to :
g=0.4x0.1=4%
P0=$1.3/1.14 + $1.69/ 1.14*1.14 + $2.2 /1.14*1.14*1.14 + 2.20(1.04)/ (0.14-0.04)/ 1.14*1.14*1.14 = $19.37
为什么第一题的答案不是 1.25/1.11 + 1.56 /1.11*1.11 + 1.56*1.05/（0.11-0.05）/ 1.11*1.11
但第二题却又是如此呢？
i am very confused whenever i see this kind of question, i am unsure whether i should use which formula when i solve this type of questions. Pls give me some advice.... |
发表于 2011-7-16 03:03
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