以下是引用wzaina在2009-3-6 15:52:00的发言：
LOS c: Calculate the value of a common stock using the DDM for one-, two-, and multiple-period holding periods.
Q1. JAD just paid a dividend of $0.80. Analysts expect dividends to grow at 25% in the next two years, 15% in years three and four, and 8% for year five and after. The market required rate of return is 10%, and Treasury bills are yielding 4%. JAD has a beta of 1.4. The estimated current price of JAD is closest to:
A) $45.91.
B) $29.34.
C) $25.42.
Q2. An investor projects that a firm will pay a dividend of $1.25 next year, $1.35 the second year, and $1.45 the third year. At the end of the third year, she expects the asset to be priced at $36.50. If the required return is 12%, what is the current value of the shares?
A) $32.78.
B) $29.21.
C) $31.16.
Q3. An investor projects that a firm will pay a dividend of $1.00 next year and $1.20 the following year. At the end of the second year, the expected price of the shares is $22.00. If the required return is 14%, what is the current value of the firm’s shares?
A) $18.73.
B) $15.65.
C) $19.34.
Q4. If a stock expects to pay dividends of $2.30 per share next year, what is the value of the stock if the required rate of return is 12% and the expected growth rate in dividends is 4%?
A) $28.75.
B) $29.90.
C) $19.17.
Q5. An analyst has compiled the following financial data for ABC, Inc.
|
ABC, Inc. Valuation Scenarios |
|
Item |
Scenario 1 |
Scenario 2 |
Scenario 3 |
Scenario 4 |
|
Year 0 Dividends per Share |
$1.50 |
$1.50 |
$1.50 |
$1.50 |
|
Long-term Treasury Bond Rate |
4.0% |
4.0% |
5.0% |
5.0% |
|
Expected Return on the S& 500 |
12.0% |
12.0% |
12.0% |
12.0% |
|
Beta |
1.4 |
1.4 |
1.4 |
1.4 |
|
g (growth rate in dividends) |
0.0% |
3.0% |
Years 1-3, g=12.0%
After Year 3, g=3.0% |
Year 1, g=20%
Year 2, g=18%
Year 3, g=16%
Year 4, g=9%
Year 5, g=8%
Year 6, g=7%
After Year 6, g=4% |
What is the value of ABC, Inc.'s stock price using the assumptions contained in Scenario 4?
A) $26.66.
B) $22.22.
C) $18.52.
Q6. Deployment Specialists pays a current (annual) dividend of $1.00 and is expected to grow at 20% for two years and then at 4% thereafter. If the required return for Deployment Specialists is 8.5%, the current value of Deployment Specialists is closest to:
A) $33.28.
B) $28.27.
C) $30.60.
发表于 2009-6-2 00:34
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