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st debt

200000
interest rate 9% 9%
tax
30%
cost of debt
6%

12600

0.063
tr

year
Dividend
Div growth
DDM
STOCK PRICE

0
4

1
2
3
4
5
6
4.224 4.460544 4.710334 4.974113 5.252664 5.546813

7
59.5
horizon value
3.751332 3.518123 4.710334 4.974113 5.252664 5.546813 terminal value
48.49 27.75338
48.49
11%
12%
13%

ROE
RR
growth
ga

7%
Re
80%
rf
5.60%
beta
3% << under your assumption
rm
re

1%

2%

3% DUNG DATAABLE DE XEM GIA CO PHIEU THA

=rf+b(Rm+rf)
9%
1.2
12%
12.600%
12.60%

PROFESSOR DAMARDORAN
NYU

horizon value
terminal value

AABLE DE XEM GIA CO PHIEU THAY DOI

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