以下是引用wzaina在2009-3-6 16:11:00的发言：
LOS d: Calculate the value of a common stock using the Gordon growth model and explain the underlying assumptions.
Q1. The value per share for Burton, Inc. is $32.00 using the Gordon Growth model. The company paid a dividend of $2.00 last year. The estimates used to calculate the value have changed. If the new required rate of return is 12.00% and expected growth rate in dividends is 6%, the value per share will increase by:
A) 4.17%.
B) 9.51%.
C) 10.42%.
Q2. Suppose the equity required rate of return is 10%, the dividend just paid is $1.00 and dividends are expected to grow at an annual rate of 6% forever. What is the expected price at the end of year 2?
A) $28.09.
B) $27.07.
C) $29.78.
Q3. A company reports January 1, 2002, retained earnings of $8,000,000, December 31, 2002, retained earnings of $10,000,000, and 2002 net income of $5,000,000. The company has 1,000,000 shares outstanding and dividends are expected to grow at a rate of 5% per year. What is the expected dividend at the end of 2003?
A) $3.15.
B) $3.00.
C) $13.65.
Q4. Jax, Inc., pays a current dividend of $0.52 and is projected to grow at 12%. If the required rate of return is 11%, what is the current value based on the Gordon growth model?
A) $58.24.
B) unable to determine value using Gordon model.
C) $39.47.
Q5. A firm currently pays a dividend of $1.77, which is expected to grow at a rate of 4%. If the required return is 10%, what is the current value of the shares using the Gordon growth model?
A) $30.68.
B) $29.76.
C) $29.50.
Q6. Jand, Inc., currently pays a dividend of $1.22, which is expected to grow at 5%. If the current value of Jand’s shares based on the Gordon model is $32.03, what is the required rate of return?
A) 9%.
B) 8%.
C) 7%.
Q7. A firm's dividend per share in the most recent year is $4 and is expected to grow at 6% per year forever. If its shareholders require a return of 14%, the value of the firm's stock (per share) using the single-stage dividend discount model (DDM) is:
A) $50.00.
B) $53.00.
C) $28.57.
Q8. IAM, Inc. has a current stock price of $40.00 and expects to pay a dividend in one year of $1.80. The dividend is expected to grow at a constant rate of 6% annually. IAM has a beta of 0.95, the market is expected to return 11%, and the risk-free rate of interest is 4%. The expected stock price two years from today is closest to:
A) $43.49.
B) $41.03.
C) $43.94.
发表于 2009-5-26 15:52
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