关于不变增长率模型的问题

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匿名网友 发表于 2010-5-14 23:04:55 |AI写论文

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Company XYZ is listed in the stock market with the beta of 0.8 and the average risk free rate of 3.13 percent and the return of equity is 28% in 2007. Table 1 presents selected information of ABC from 2003-2007. Use information from table  to complete question .
Table
                                       2003 2004    2005    2006 2007
Sales per sh.                   12.45 12.49 14.51 14.62 16.65
Cash flow per sh.             3.01    3.05    3.42 3.51    4.05
Earning per sh.                2.21    2.27    2.50 2.52    2.83
Div. per sh.                      0.98    1.04    1.10    1.18 1.30
Book value per sh.          8.27    9.09    9.37    9.14 10.35
Stock price                      40.5    42.95 43.75 44.55 54.15
Q: What is the sustainable growth rate and required return for ABC? Using these values to calculate the 2008 share price of ABC stock according to the constant dividend growth model. Comment about the result you find.