sample v1 54求错误解释 company, 是, expect, current, required

mikemiko

A company’s series B, 8% preferred stock with a par value of $50 pays quarterly dividends. Its current market value is $35. The shares are retractable (at par) with the retraction date set for three years from today. Similarly rated preferred issues have an estimated nominal required rate of 12%.Analysts expect a sustainable growth rate of 4% for the company’s earning. The intrinsic value estimate of a share of this preferred issue is closest to:
A: 33.33
B: 45.02
C: 52
答案是B，我看了答案，是用DDM求出来的，貌似也有理。但是我想问：
既然是preferred stock，为什么这里不能用dividends直接除required return得出价格呢？也就是A选项。
哪里有问题所以不可以用么？

mikemiko

难道 similarly rated是指仅仅二者拥有相同现金流而不是说市场现价（¥35）也相同么。。。。审题不清？

a396537341

4%预期增长率会让preferred持有者决定在3年末convert，不是永远持有，不能用那个算，这里当个bond算