公司理財?shù)诎苏聀pt教材(編輯修改稿)
2025-01-04 22:00 本頁面
【文章內(nèi)容簡介】 e 1 Solution,P0 = .50 ( 1 + .02) .15 .02,P0 = .51 .13,= $3.92,839,DGM – Example 2,Suppose Moore Oil Inc., is expected to pay a $2 dividend in one year. If the dividend is expected to grow at 5% per year and the required return is 20%, what is the price?,840,DGM – Example 2 Solution,P0 = 2.00 .20 .05,P0 = 2.00 .15,= $13.34,841,So how do you compute the future dividends?,Three scenarios: A constant dividend (zero growth) The dividends change by a constant growth rate We have some unusual growth periods and then level off to a constant growth rate,842,3. Unusual Growth。 Then Constant Growth,Just draw the time line with the unusual growth rates identified and determine if/when you can use the Dividend Growth Model. Deal with the unusual growth dividends separately.,843,Nonconstant Growth Problem Statement,Suppose a firm is expected to increase dividends by 20% in one year and by 15% for two years. After that, dividends will increase at a rate of 5% per year indefinitely. If the last dividend was $1 and the required return is 20%, what is the price of the stock?,844,Nonconstant Growth Problem Statement,Draw the time line and compute each dividend using the corresponding growth rate:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,845,Nonconstant Growth Problem Statement,Draw the time line and compute each dividend using the corresponding growth rate:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,D1 = ($1.00) (1 + 20%) = $1.00 x 1.20 = $1.20,=1.20,846,Nonconstant Growth Problem Statement,Draw the time line and compute each dividend using the corresponding growth rate:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,D2 = ($1.20) (1 + 15%) = $1.20 x 1.15 = $1.38,=1.38,847,Nonconstant Growth Problem Statement,Draw the time line and compute each dividend using the corresponding growth rate:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,D3 = ($1.38) (1 + 15%) = $1.38 x 1.15 = $1.59,=1.59,848,Nonconstant Growth Problem Statement,Now we can use the DGM starting with the period of the constant growth rate at our time frame of year 3:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,P3 = D4/R – g,P3 = D3 (1 + g) / R g,R = 20%,849,Nonconstant Growth Problem Statement,Now we can use the DGM starting with the period of the constant growth rate at our time frame of year 3:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,P3 = D3 (1 + g) / R g,P3 = 1.59 (1.05)/ .20 .05 = $11.13,R = 20%,850,Nonconstant Growth Problem Statement,We now have all of the dividends accounted for and we can compute the present value for a share of common stock:,g = 20%,g = 15%,g = 15%,g = 5%,D0 = $1.00,∞,D1,D2,D3,R = 20%,1.20 1.38 1.59,P3 = 11.13,851,Nonconstant Growth Problem Statement,BAEFEIPVT!,g = 20%,g = 15%,g = 15
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