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  • Dap An Bai Tap Chuong 2-Tcdn2

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    Trần Đình Trọng
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    Dap an Bai Tap Chuong 2-Tcdn2

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    137 views4 pages

    Dap An Bai Tap Chuong 2-Tcdn2

    Uploaded by

    Trần Đình Trọng

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    BI TP CHNG 2: NH GI CHNG KHON

    Bi 1/3
    C tc nm 2006: D0 = 1600 /cp
    Sut tng trng trong 2 nm ti: g1 = g2 = 15%
    Sut sinh li: k=30%
    Ta c: D1 = D0 x (1+g1) = 1600 x (1 +15%) = 1840 /cp
    D2= D1 x (1 +g2) = 1840 x (1+15%) = 2116 /cp
    Gi c phiu d kin sau 2 nm

    Bi 2/3
    D0 = 3600 /cp
    D1 = 3600 x (1+15%) = 4140
    D2 = 4140 x (1+15%) = 4761
    D3 = 4761 x (1+15%) = 5617.98
    a. k = 30%

    b. k = 22%, P3 = 180000

    Bi 3/3
    a.
    DPS = 5667 x 33% = 1870
    b. D0 = 1870
    g1 = 20%, g2 = g3 = 15%, g4 = g5 =..=gn = 10%
    D1 = 1870 x (1+20%) = 2244
    D2 = 2244 x (1+15%) = 2580.6
    D3 = 2580.6 x (1+15%) = 2967.69
    D4 = 2967.69 x (1+10%) = 3264.459

    Bi 4/3
    a. Gi tri phiu ny vo ngy 01/01/2007:

    97639 < gi th trng =98000 khng mua tri phiu ny


    b. Ta c

    Vi k1 = 15% P1 = 95123
    Vi k2 = 16% P2 = 23579

    c. EBT = EBIT I
    EBT = 13x109 (12% x 100 000 x 600 000) = 5 800 000 000
    EAT = EBT T
    EAT = 5 800 000 000 (5 800 000 000 x25%) = 4 350 000 000

    EAT Dp = 4 350 000 000 (15% x 10000x500000)

    = 3 600 000 000

    LNL = EAT C tc CPT = 3 600 000 000 (40% x 3 600 000 000) = 2 160 000 000
    Ta c: n = 20 000 000 000/ 20 000 = 1 000 000 cp

    DPS = EPS x t l thanh ton c tc = 3600 x 40% = 1440 /cp

    g = ROE x 60% = 17.4 x 60% = 10.44%


    d. D0 = 1440 /cp
    D1 = 1440 x (1+15%) = 1656 /cp
    D2 = 1656 x( 1+15%) = 1904.4 /cp
    D3 = 1904.4 x (1 +15%) = 2190.06 /cp
    D4 = 2190.06 x (1+12%) = 2452.87 /cp

    Bi 5/4
    a.
    106339.7309 < gi th trng = 110000 /cp Khng nn mua
    b.
    97638.8474 > gi th trng = 95000 /cp Nn mua
    c. S c phiu ang lu hnh:
    n = VCPT/ Th gi = 2 500 000 000/ 25000 =100000 cp

    EBT = EBIT I = 900 000 000 x (12% x 1 000 000 000) = 780 000 000
    EAT = EBT T = 780 000 000 x (25% x 780 000 000) = 585 000 000
    LNL = EAT C tc CPT (60%) = 585 000 000 60% x 585 000 000 = 234 000 000
    EPS = 585 000 000/100 000 = 5850 /cp
    DPS = EPS x 60% = 5850 x 60% = 3510 /cp
    d. D0 = DPS = 3510
    D1 = 3510 x (1+18%) = 4141.8 /cp
    D2 = 4141.8 x ( 1+18%) = 4887.324 /cp
    D3 = 4887.324 x (1+15%) = 5620.4226 /cp
    EPS = 5620.4226/60% = 9367 /cp
    P3 = (P/E)3 x EPS3 = 15 x9367 = 140510 /cp
    Gi ca Tri phiu thi im hin ti:

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