答案和详解如下： 1.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) $22.22. B) $18.52. C) $20.54. D) $26.66. The correct answer was A) The required rate of return is (r) = 0.05 + 1.4(0.12 - 0.05) = 0.148 The future dividends are predicted as the following: Year | Dividend | 0 | 1.50 | 1 | 1.50 * 1.2 = 1.80 | 2 | 1.80 * 1.18 =2.124 | 3 | 2.124 * 1.16 = 2.464 | 4 | 2.464 * 1.09 = 2.686 | 5 | 2.686 * 1.08 = 2.900 | 6 | 2.901 * 1.07 = 3.103 | 7 | 3.103 * 1.04 = 3.227 |
Now discount the dividend stream to get the value per share. Use the Gordon growth model to discount the constant growth after period 6. Value per share = 1.8/(1.148) + 2.124/(1.148)2 + 2.464/(1.148)3 + 2.686/(1.148)4 + 2.900/(1.148)5 + 3.103/(1.148)6 + 3.227/(0.148 - 0.04)(1.148)6 = 22.22. 2.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 percent and the expected growth rate in dividends is 4 percent? A) $19.17. B) $28.75. C) $29.90. D) $57.50. The correct answer was B) Using the Gordon growth model, the value per share = DPS1/(r-g) = 2.30/(0.12-0.04) = $28.75. 3.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 percent, what is the current value of the firm’s shares? A) $18.73. B) $15.65. C) $17.56. D) $19.34. The correct answer was A) The current value of the shares is $18.73: V0 = $1.00/1.14 + $1.20/(1.14)2 + $22.00/(1.14)2 = $18.73
4.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 percent, what is the current value of the shares? A) $31.16. B) $29.21. C) $32.78. D) $34.34. The correct answer was B) The current value of the shares is $29.21: V0 = $1.25/(1.12) + $1.35/(1.12)2 + $1.45/(1.12)3 + $36.50/(1 + 0.12)3 = $29.21 | 
发表于 2008-5-20 10:42
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