求帮忙解决金融计算题 谢谢啦~a company just paid a dividend of $5.37 per share which represents 60% of its profit after tax. its return on shareholder's equity is expected to remain constant at 12% per annum for ever. the company stock is
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求帮忙解决金融计算题 谢谢啦~a company just paid a dividend of $5.37 per share which represents 60% of its profit after tax. its return on shareholder's equity is expected to remain constant at 12% per annum for ever. the company stock is
求帮忙解决金融计算题 谢谢啦~
a company just paid a dividend of $5.37 per share which represents 60% of its profit after tax. its return on shareholder's equity is expected to remain constant at 12% per annum for ever. the company stock is listed on a stock exchange and is trading at $73.83 per share.
(a) if the market believes the 60% payout ratio will continue for ever, and if everyone uses the constant growth dividend discount model to value the compant stock, what rate of return are investors apparently requiring?(hint: start by calculating the earnings growth rate)
(b) suppose you think the company will pay out 60% for the first two dividends, then increase the payout ratio to 80% from the third dividend onwards. if you required rate of return is 16.7% per annum, how much would you be willing to pay for the company stock?
求帮忙解决金融计算题 谢谢啦~a company just paid a dividend of $5.37 per share which represents 60% of its profit after tax. its return on shareholder's equity is expected to remain constant at 12% per annum for ever. the company stock is
a)
(Intrinsic Value of Stock / earing per shares)=[payout ratio/(require rate-expected return)]
(73.83/5.37)=[ 0.6 / ( k-0.12)]
k=16.364%
b)
D1=D0(1+g)
D2=D1(1+g)
(D=dividend,g= growth rate,D0=$5.37)
1.PV of dividend:
[D1/(1+k)] + [D2/(1+k)(1+k)]
( k = required rate of return =16.7%)
2.After that increase to 80%:
D3=D2(1=g)
P2=[D3 / ( k-g) ] (P= Intrinsic Value of Stock)
3.Discount P2 to the present & add PV of dividends
P0= PV of dividend + [ P2/(1+k)^2 ]
part B not very sure……