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This answer results from increasing the dividend at the end of the current year by 5% for use in the dividend growth model. Note that the analysis is taking place in early January, and the $1.00 dividend is to be paid at the end of the current year. Therefore, $1.00 is the next annual dividend to be paid. It should not be increased by 5% for the purposes of this calculation.
This is $1.00 divided by .15. This is a incorrect use of the dividend growth model. The denominator used should be the investors' required rate of return (r, or .10) minus the expected growth rate of the dividend (g, or .05). This answer uses r + g instead of r ? g in the denominator.
This is $1.05 divided by .15. This is an incorrect use of the dividend growth model for two reasons: (1) The analysis is taking place in early January, and the $1.00 dividend is to be paid at the end of the current year. Therefore, $1.00 is the next annual dividend to be paid, and that should be the numerator in the model. It should not be increased by 5% for the purposes of this calculation. (2) The denominator used should be the investors' required rate of return (r, or .10) minus the expected growth rate of the dividend (g, or .05). This answer uses r + g instead of r ? g in the denominator.
The dividend growth model should be used to calculate the fair value of the stock. The dividend growth model is: d P0 = ——— r ? g Where: P0 = the fair value today of a share of stock; d1 = the next annual dividend to be paid; r = the investors' required rate of return; and g = the expected growth rate of the dividend. The next annual dividend to be paid (d1) is the $1.00 dividend at the end of the current year. Note that the analysis is taking place in early January, and the $1.00 dividend is to be paidat the end of the current year. Therefore, $1.00 is the next annual dividend to be paid. It should not be increased by 5% for the purposes of this calculation. The investors' required rate of return (r) is 10% or .10. The expected growth rate of the dividend (g) is 5% or .05. Therefore, P0 = $1.00 .10 ? .05 P0 = $20