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steposvetlana
2 months ago
11

Procter and Gamble​ (PG) paid an annual dividend of $ 2.87 in 2018. You expect PG to increase its dividends by 8.0 % per year fo

r the next five years​ (through 2023), and thereafter by 3.0 % per year. If the appropriate equity cost of capital for Procter and Gamble is 8.0 % per​ year, use the​ dividend-discount model to estimate its value per share at the end of 2018.
Business
1 answer:
Mariulka [3.8K]2 months ago
8 0

Answer:

$73.47

Explanation:

2.87 es el dividendo actual pagado (D0)

Utiliza eso para calcular los dividendos para los próximos 5 años;

D1 = D0(1+g); donde g es la tasa de crecimiento

D1 = 2.87(1.08) = 3.0996

D2 = 3.0996(1.08) = 3.3476

D3 = 3.3476(1.08) = 3.6154

D4 = 3.6154(1.08) = 3.9046

D5 = 3.9046(1.08) = 4.2170

Luego, calcula los flujos de efectivo terminales;

D6 (año 2024) = 4.2170 (1.03) = 4.3435

Calcula el valor presente de todos los dividendos utilizando una tasa de descuento del 8% con la fórmula; PV = FV/(1+r)^{n}

PV(D1) = 2.87

PV(D2) = 2.87

PV(D3) = 2.87

PV(D4) = 2.87

PV(D5) = 2.87

PV del valor terminal; PV(D6 en adelante) = \frac{\frac{4.3435}{(0.08-0.03)} }{1.08^{5} } = 59.1223

Suma los PV para hallar el valor por acción;

$2.87 +$2.87 +$2.87 +$2.87 +$2.87+ $59.1223 = $73.47

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