单选题 A company will experience a 30% growth rate over the next four years and pay no dividends over that time period. Growth will then fall to 5%, at which time the company will institute a 30% payout ratio. If the expected dividend in year 5 is projected to be $3 per share and the required return is 12%, what is the firm's intrinsic value today?
  • A. $25.4
  • B. $27.3
  • C. $33.5
【正确答案】 B
【答案解析】[解析] 首先确定第3年年末的股票现值PV3。与上例的计算方法类似，这里的PV3等于在第3年年末基于第4年支付的股息所得出的无限期的正常股息增长水平下的价值：
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由于在前4年中未支付股息，亦即D1=D2=D3=D4=0，从而该股票的当前价值就是上述第4年年末股票价值的现值：
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