英国某商学院留学生课程作业：投资管理专业小组作业的安排与解析

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1、英国某商学院留学生课程作业：投资管理专业小组作业地安排与解析ABF305InvestmentManagementABF305投资管理Term1,GroupAssignment2(Total12.5marks)学期小组作业NB:ThedeadlineforyougroupassignmentsubmissionisWednesdaythe26thOctoberbefore12noonattheFacultySupportOffice(Level3CKY).Pleaseclearlystateonacovershe

2、et:(1)yourgroupnumber;(2)studentnames;(3)studentIDnumbers;(4)modulecoursename;and(5)thedateandtimewhenyousubmittedyourassignment.注：组分配提交地截止日期是10月26日周三在学院支持办公室(3级CKY)中午12点之前•请在封面上明确规定:(1)你地组数；(2)学生地姓名；(3)学生地ID号;(4)模块课程名称及(5)地日期和时间，提交您地作业.Question1问题1Usingathr

3、ee-stagegrowthmodel(seeexampieSpreadsheetinyourtextbook),determinetheintrinsicvalueforDivaIncorporated.Therelevantdataforthethree-stagegrowthmodelisasfollows:使用一个三阶段增长模型(见课本考试辉电子表格)，确定Diva公司地内在价值•三阶段增长模型地相关数据如下：Divaisexpectedtorealizeaperiodofrapidgrowthfor5

4、yearsfrom2012to2016.ThedividendforDivaisexpectedtobefortheseyears(1)2012$0.25;(2)2013$0.29;(3)2014$0.33;(4)2015$0.38;and(5)2016$0.44.Thereafter,Divawillexperienceatransitionperiodfor6yearsduringwhichtimethehighgrowthratewilltaperoff.Thegrowthrateforthetransi

5、tionyearsisexpectedtobe:(1)201715%;⑵201814.5%;⑶201914%;⑷202013.5%;⑸202113%;and⑹202212.5%.After2022,Divawillexperienceasustainablegrowth.ThebetaforDivais1.25;themarketpremiumis0.08;theriskfreerateofreturnis0.045;theplowbackratiois0.60;andthereturnonequityis15

6、%.EndofgroupassignmentWherestudentswentwrong:Feedbackandcomments学生岀错地地方：反馈和意见Error1.Youassumedconstantgrowthafter2023andthat2023isapartofthededininggrowthat9%Sotherewasanextradividendof$1.04x(1.09)whichshouldnothavebeenthere.Whatmoststudentsdidwastotaketheex

7、celexampleliterallyfromthetextbookwithoutappreciatingtheunderlyingwording.Ifyoulookatthewordinginthetextbook,forExcelspreadsheet18.1onpage604itspecifiesthewordinginthefirstsentencethatthedividend'willdeclinesteadilythrough2023*whichconfusedmoststudents.Myque

8、stionstatestheconstantgrowthisafter2022.Afewgotitabsolutelyrighthowever.Error2.Differencesduetothedecimalvaluemayalsohaveoccurred・Thiswasnotaproblemifyouclearlyshowedyourcalculations.Erro3.Anoth