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标题: Reading 40: Discounted Dividend Valuation-LOS h 习题精选 [打印本页]

作者: 土豆妮 时间: 2010-4-19 11:06 标题: [2010]Session 11-Reading 40: Discounted Dividend Valuation-LOS h 习题精选

Session 11: Equity Valuation: Industry and Company Analysis in a Global Context
Reading 40: Discounted Dividend Valuation

LOS h: Calculate the value of noncallable fixed-rate perpetual preferred stock given the stock's annual dividend and the discount rate.

What is the value of a fixed-rate perpetual preferred share (par value $100) with a dividend rate of 7.0% and a required return of 9.0%?

A)
$71.

B)
$56.

C)
$78.

The value of the preferred is $78:

V₀ = ($100par × 7%) / 9% = $77.78

作者: 土豆妮 时间: 2010-4-19 11:06

A $100 par, perpetual preferred share pays a fixed dividend of 5.0%. If the required rate of return is 6.5%, what is the current value of the shares?

A)
$76.92.

B)
$100.00.

C)
$88.64.

The current value of the shares is $76.92:

V₀ = ($100 × 0.05) / 0.065 = $76.92

作者: 土豆妮 时间: 2010-4-19 11:06

If the value of an 8%, fixed-rate, perpetual preferred share is $134, and the par value is $100, what is the required rate of return?

A)
8%.

B)
6%.

C)
7%.

The required rate of return is 6%: V₀ = ($100par × 8%) / r = $134, r = 5.97%

作者: 土豆妮 时间: 2010-4-19 11:06

What is the value of a fixed-rate perpetual preferred share (par value $100) with a dividend rate of 11.0% and a required return of 7.5%?

A)
$147.

B)
$152.

C)
$138.

The value of the preferred is $147:

V₀ = ($100par × 11%) / 7.5% = $146.67

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