CFA论坛 - Powered by Discuz! Board

标题: Reading 42: Discounted Dividend Valuation-LOS k 习题精选 [打印本页]

作者: 土豆妮 时间: 2011-3-18 14:16 标题: [2011]Session 11-Reading 42: Discounted Dividend Valuation-LOS k 习题精选

Session 11: Equity Valuation: Industry and Company Analysis in a Global Context
Reading 42: Discounted Dividend Valuation

LOS k: Explain terminal value, and discuss alternative approaches to determining the terminal value in a DDM.

Kyle Star Partners is expected to have earnings in year five of $6.00 per share, a dividend payout ratio of 50%, and a required rate of return of 11%. For year 6 and beyond the dividend growth rate is expected to fall to 3% in perpetuity. Estimate the terminal value at the end of year five using the Gordon growth model.

A)
$38.63.

B)
$37.50.

C)
$27.27.

The dividend for year 5 is expected to be $3 ($6 times 50%). The dividend for year 6 is then expected to be $3.00 × 1.03 = $3.09. The terminal value using the Gordon growth model is therefore:

terminal value = 3.09 / (0.11 ? 0.03) = $38.625

P₅ = D₆ / (k ? g)

作者: 土豆妮 时间: 2011-3-18 14:17

Q-Partners is expected to have earnings in ten years of $12 per share, a dividend payout ratio of 50%, and a required return of 11%. At that time, ROE is expected to fall to 8% in perpetuity and the trailing P/E ratio is forecasted to be eight times earnings. The terminal value at the end of ten years using the P/E multiple approach and DDM is closest to:

P/E multiple DDM

A)

96.32 85.71

B)

96.00 89.14

C)

96.32 89.14

Terminal Value = P/E × EPS

= 8 × 12 = 96

D₁₀ = 0.5 × 12 = 6

g = 0.50 × 0.08 = 4%

作者: 土豆妮 时间: 2011-3-18 14:17

Methods for estimating the terminal value in a DDM are least likely to include:

A)
the Gordon Growth Model.

B)
PVGO.

C)
the market multiple approach.

No matter which dividend discount model we use, we have to estimate a terminal value at some point in the future. There are two ways to do this: using the Gordon growth model and the market multiple approach (i.e., a P/E ratio).

欢迎光临 CFA论坛 (http://forum.theanalystspace.com/)