问题 单项选择题

An analyst does research about equity valuation. A company's current annual dividend (D0) of $0.80 is expected to grow at a 20% rate for the next three years and at an 8% rate thereafter. If the required rate of return is 15%, the intrinsic value of the equity is closest to:()

A. $13.71

B. $16.64

C. $21.33

答案

参考答案:B

解析:

根据二阶段戈登股利增长模型(Gordon Dividend Growth Model),价格的计算如下:

D1=$0.80×(1+20%)=$0.96,D2=$0.96×(1+20%)=$1.152,D3=$1.152×(1+20%)=$1.3824,D4=$1.3824×(1+8%)=$1.493,P3=D4/(k-g)=$1.493/(15%-8%)=$21.3286。

P0=D1/(1+k)1+D2/(1+k)2+D3/(1+k)3+P3/(1+k)3=$0.96/(1+15%)1+$1.152/(1+15%)2+$1.3824/(1+15%)3+$21.3286/(1+15%)3=$0.8348+$0.8711+$0.9090+$14.0239=$16.64。

单项选择题
单项选择题 A1/A2型题