作者icerose (泡泡)
看板Grad-ProbAsk
标题[商管] [财管]-股票评价
时间Thu Jan 7 14:31:30 2010
Allen, Inc., is expected to pay equal dividends at the end of each of the
next two years. Thereafter, the dividend will grow at a constant annual rate
of four percent, forever. The current stock price is $30.
What is next year’s dividend payment if the required rate of return is
12 percent?
我设股利为X
(X/1.12)+X/(1.12)^2+(X/0.12-0.04)=30
然後解X，请问这样算正确吗?
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1F：推 hchs31705:第三年股利X*1.04 永续成长折现到第二年 然後再折两次 01/07 14:53
2F：→ hchs31705:所以是[X*1.04/(0.12-0.04)] 再除以1.12^2 01/07 14:55
3F：→ icerose:原来第三年要从第二年开始算~~THANKS 01/07 15:52
4F：推 hchs31705:你可以推看看永续成长的公式 用第一期除以(R-G)算现值 01/07 16:13
5F：→ hchs31705:所以用第三年开始永续成长算出来是第二年当年的现值 01/07 16:14