资产评估理论基础(2)(9)

Example

1 Numerator

Rothstein Corporation is just about to pay a dividend of $3.00 per share. Investors anticipate that the annual dividend will rise by 6 percent a year forever. The applicable interest rate is 11 percent.What is the price of the stock today.

$66.60=$3.00+$3.18

0.11 0.06

$3.00ImminentDivedend

$3.18($3.00x1.06)PresentValueofalldividendsbeginningayear¿now

2 The Interest Rate and the Growth Rate

3 The Timing Assumption