[商管] [財管]-股票評價

[icerose (泡泡)]

 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?


        我設股利為X
      (X/1.12)+X/(1.12)^2+(X/0.12-0.04)=30

      然後解X，請問這樣算正確嗎?

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推 hchs31705:第三年股利X*1.04  永續成長折現到第二年  然後再折兩次
→ hchs31705:所以是[X*1.04/(0.12-0.04)] 再除以1.12^2
→ icerose:原來第三年要從第二年開始算~~THANKS
推 hchs31705:你可以推看看永續成長的公式  用第一期除以(R-G)算現值
→ hchs31705:所以用第三年開始永續成長算出來是第二年當年的現值