投资学10版****题答案CH18CHAPTER18:EQUITYVALUATIONMODELSPROBLEMSETS1. Theoretically,paniesthatdonotcurrentlypaydividends;inthisscenario,,asapracticalmatter,urate,panies;,. ,whentheyhavenumerousopportunitiesforreinvestment,resultinginrelativelyrapidgrowthandrelativelylowdividends(or,inmanycases,nodividendsatall).Asthesefirmsmature,. Theintrinsicvalueofashareofstockistheindividualinvestor’,,iftheindividualinvestorbelievesthestockisunderpriced(.,intrinsicvalue>price),thenthatinvestor’. ,%.5. Therequiredreturnis9%.6. TheGordonDDMusesthedividendforperiod(t+1). 7. ThePVGOis$: 8. a. b. ,however,,theP/'. a. g=ROE´b=16%´=8%D1=$2´(1–b)=$2´(1–)=$1b. P3=P0(1+g)3=$25()3=$. a. b. LeadingP0/E1=$/$==$/$=. ThelowP/EratiosandnegativePVGOareduetoapoorROE(9%)thatislessthanthemarketcapitalizationrate(16%).Now,yourevisebto1/3,gto1/3´9%=3%,andD1to:E0´(1+g)´(2/3)$3´´(2/3)=$:V0=$/(
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