问题
单项选择题
An analyst gathered the following information about a company:
The value of a share of the company’ s common stock is closest to:（）
A.€110
B.€120
C.€144
答案
参考答案：C
解析：
D1=D0×(1+20%)=3×1.2=3.6, D2=3.6×1.2=4.32,D3=4.32×1.2=5.184,D4=5.184×(1+9%)=5.65,
CAPM: K=6%+1.2×(11%-6%)=12%,
P3=D4/(K-g)=5.65/(12%-9%)=188.352,
3.6/(1+12%)+4.32/(1+12%)2+(5.184+188.352)/(1+12%)3=144.