某公司财务研究管理及财务知识分析标准.ppt

* * * * * Point out that D1 / P0 is the dividend yield and g is the capital gains yield. You could also use this point to introduce the CAPM as a method for computing required return. * * A firm that pays out 100% of its earnings is essentially a zero growth firm since the retention rate is zero. This, however, does not imply the firm is not profitable. * * * To find the PVGO, note that the firm retains $3.50 out of the first year’s earnings to invest at 20%. This results in a positive NPV of $0.875. A growing perpetuity of these positive NPVs is worth $43.75 * * * * * * * * * * * * * * * *