Equity 一道题目 valuation, discount, expected, increase, present

田田小白

这道题目我不明白为什么不是B，B的公式不是直接含有dividend payout ratio吗？

题目：An increase in the dividend payout ratio will most likely increase the intrinsic value when using a(n):

A.asset-based valuation model.
B. multiplier model.
C. present value model.


答案是C，官方解答如下
An increase in the dividend payout ratio will increase the cash expected to be distributed to shareholders. The Dividend discount model is the present value of the cash expected to be distributed to shareholders. Therefore an increase in the dividend payout ratio will increase the intrinsic value in a present value model.

CFA Level I
"Equity Valuation: Concepts and Basic Tools," John J. Nagorniak, and Stephen E. Wilcox Section 3

adjani.zhang

gordon growth model

multiplier 公式有多个

田田小白

昨天有个好心人给出的解释是这样的，供参考或讨论：这个公司是一种推演，实际估值的时候，P是未知的，求P用multiplier model时，我需要知道的是市场上或者可参照的比值 比如P/E ratio，乘以这个 earning去算； 所以和 payout ratio 无关