A.$28.57.
B.$40.00.
C.$42.80.
第1题
The 2-Stage Co. just paid a dividend of $1 per share. The dividend is expected to grow at a rate of 25% per year for the next 3 years and then to level off to 5% per year forever. You think the appropriate market capitalization rate is 20% per year. a. What is your estimate of the intrinsic value of a share of the stock? b. If the market price of a share is equal to this intrinsic value, what is the expected dividend yield? c. What do you expect its price to be one year from now? Is the implied capital gain consistent with your estimate of the dividend yield and the market capitalization rate? (Notes: Please write down your calculation process for all questions!)
第2题
The 2-Stage Co. just paid a dividend of $1 per share. The dividend is expected to grow at a rate of 25% per year for the next 3 years and then to level off to 5% per year forever. You think the appropriate market capitalization rate is 20% per year. (Notes: Please write down your calculation process for all questions!) a. What is your estimate of the intrinsic value of a share of the stock? b. If the market price of a share is equal to this intrinsic value, what is the expected dividend yield? c. What do you expect its price to be one year from now? Is the implied capital gain consistent with your estimate of the dividend yield and the market capitalization rate?
第3题
A.$37.
B.$39.
C.$47.
第4题
A、114
B、119
C、124
D、129
第5题
第6题
A.$33.54.
B.$36.52.
C.$43.95.
第7题
A.cost analysis
B.can sell the stock in a secondary market
C.net present value
D.cannot sell the stock until the next dividend payment
第8题
第9题
A、20
B、21.5
C、50
D、51.5
第10题
? Are sentences 16-22 on the opposite page 'Right' or 'Wrong'? If there is not enough information to answer 'Right' or 'Wrong', choose 'Doesn't Say'.
? For each sentence 16-22, mark one letter (A, B or C) on your Answer Sheet.
Kodak Is Changing the Picture
In September 2003, Mr Carp, CEO of Kodak, announced what he called the "biggest taming point" in Kodak's history. There would, he said, be no more big investments in traditional film. He also reduced the company's dividend by 72% to finance a $3 billion investment. By 2010, Mr Carp hopes for an income of $ 20 billion. In 2002, some 70% of the company's income came from its traditional film products, the remainder from digital. By 2006, the plan is for digital income to account for 60%.
That will take some doing. In the nine months to September 30th, 2003, Kodak's net income rose by only 1.5% (to $9.5 billion), and despite the first profits from its digital cameras, net profits fell by 63% to $246 million. Over the next three years, Kodak expects film sales to fall by 10% or more every year in America and Europe, and by up to 20% a year in Japan.
Companies that find their business model threatened by rapid technological change often fail to adapt successfully. Kodak is trying to take advantage of opportunities created by digital photography, such as designing easier-to-use equipment.
By announcing the "biggest turning point" in Kodak history, Mr Carp is to secure a digital future for Kodak.
A.Right
B.Wrong
C.Doesn't Say
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