问题：
The company is currently earning $5 per share and this year paid out 40 percent in dividends. The earnings and dividend growth rate for the next 3 years (T1, T2 and T3) will be 20 percent. At the end of the third year the company will start paying out 100 percent of earnings in dividends (D3 = E3). If a 12 percent rate of return is required, what would you pay for this compan?
答案是这样的吗？ D1 = (.4)(5)(1.2)1 = 2.40; D2 = 2.88; D3 = E3 = 5(1.2)3 = 8.64 g after T3 onward will be zero because of the 100% payout ratio. Solve for the price P2 = D3/(k - g) = 8.64/(.12 - 0) = $72 At 12% PVD1 = 2.14; PVD2 = 2.30; and PVP2 = 57.40: Sum = 61.84
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发表于 2009-2-5 15:59
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