NO.PZ2018103102000094
问题如下:
Company M has a preferred stock with par value of $25 per share and pays an annual dividend of 4%. The required return on this security is estimated at 5.5%. Given the current market price of $20, determine whether the security is fairly valued, overvalued or undervalued?
选项:
A.
Overvalued.
B.
Undervalued.
C.
Fairly valued.
解释:
A is correct.
考点:Valuing Preferred Stock
解析: , 小于市场价格$20,所以股票被高估。
第一反应是去找implied g,但求不出来。
求优先股的价格的r,为什么可以直接用题目中的5.5%?这个不是普通股的re吗?