Finanzas
= = = $18.75
7-4 Dps = $5.00; Vps = $50; rps = ?
rps = = = 10%
7-5 01 2 3
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D0 = 2.00 D1 D2 D3Step 1: Calculate the required rate of return on the stock:
rs = rRF + (rM - rRF)b = 7.5% + (4%)1.2 = 12.3%.
Step 2: Calculate theexpected dividends:
D0 = $2.00
D1 = $2.00(1.20) = $2.40
D2 = $2.00(1.20)2 = $2.88
D3 = $2.88(1.07) = $3.08
Step 3: Calculate the PV ofthe expected dividends:
PVDiv = $2.40/(1.123) + $2.88/(1.123)2 = $2.14 + $2.28 = $4.42.
Step 4: Calculate :
= D3/(rs – g) = $3.08/(0.123 –0.07) = $58.11.
Step 5: Calculate the PV of :
PV = $58.11/(1.123)2 = $46.08.
Step 6: Sum the PVs to obtain the stock’s price:
= $4.42+ $46.08 = $50.50.
Alternatively, using a financial calculator, input the following:
CF0 = 0, CF1 = 2.40, and CF2 = 60.99 (2.88 + 58.11) and thenenter I/YR = 12.3 to solve for NPV = $50.50.
9-2 rd(1 - T) = 0.08(0.65) = 5.2%.
9-4 rps = = = 5.41%.
9-5 P0 = $36; D1 = $3.00; g = 5%; rs = ?rs = + g = ($3.00/$36.00) + 0.05 = 13.33%.
9-6 rs = rRF + bi(RPM) = 0.06 + 0.8(0.055) = 10.4%.
9-7 30% Debt; 5% Preferred Stock; 65% Equity; rd =6%; T = 40%; rps = 5.8%; rs = 12%.
WACC = (wd)(rd)(1 - T) + (wps)(rps) + (ws)(rs)
WACC = 0.30(0.06)(1-0.40) + 0.05(0.058) + 0.65(0.12) = 9.17%.
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