题目

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?

提问时间：2020-12-25

答案

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 ...