同学们， 我一直理解的用来算PVGO的公式是V0=E/r+PVGO, 其中E0=E1因为没有任何growth opportunity. 但在做CFA website 上的practice question时候出现了以下的解释，官方解释要用E0 *(1+g) 来算PVGO，为什么不用E0来算呢？这道题是CFA 官网 Equity - Mendosa case 的第二题。 谢谢。 Exhibit 2 PRBI’s Data and Estimates for PVGO and H-Models
Required return on equity | 12.40% | Weighted average cost of capital (WACC) | 10.60% | Dividend payout ratio | 60% | Most recent earnings per share | $5.33 | Dividends and earnings growth rate over next 10 years (i.e., Years 1 to 10) | 15.00% | Dividends and earnings growth rate after Year 10 | 4.00% | Current stock price | $70.00
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Using the data in Exhibit 2, the estimate of PRBI's present value of growth opportunities (PVGO) is closest to:
Incorrect.Using the PVGO and assuming that the company has no positive net present value (NPV) projects, the PVGO Model is: 
$70 = $49.43 + PVGO PVGO = $70 - $49.43 = $20.57 2014 CFA Level II
“Discounted Dividend Valuation,” by Jerald Pinto, Elaine Henry, Thomas Robinson, and John Stowe
Section 4.5 | 
发表于 2014-5-29 12:04
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