[CFA入门] [求助]请教Equity的一道题，关于multistage的 percent, company, required, expected

面具的惊奇

 

16. An analyst is attempting to value shares of the Dominion Company. The company has just paid a dividend of $0.58 per share. Dividends are expected to grow by 20 percent next year and 15 percent the year after that. From the third year onward, dividends are expected to grow at 5.6 percent per year indefinitely. If the required rate of return is 8.3 percent, the intrinsic value of the stock is closest to:

A. $26.00. B. $27.00. C. $28.00.

 

 

他的答案是C，

V0= 0.70/1.083 +0.802/1.083²  +31.292/1.083²  =28.01

D1 = 0.58(1.20) = 0.70, D2 =0.58(1.20)(1.15) =0.80, and P2=D3/(k -g) =0.80(1.056)/(0.083- 0.056)= 31.29

 

我疑惑的就是从第三年起，其实也就是第二年之后，即0.8之后，dividends就按照constant的增长率增长了，按照notes上那道例题的做法，就直接用0.8/0.083-0.056,不用再乘1.056得到第三期的dividends了，但这道题为什么还要算出正常增长后，第三期的dividends，再用gorden的公式算呢？

面具的惊奇

我后来又在网上查了一些例题，发现也是用这道题的方法做的，我就疑惑了，难道是notes的解答有问题嘛？对于这种题目，到底要不要把正常增长后的那期的dividends算出来再用gorden growth model算呢？