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Aimee🌸 · 2022年07月31日

不太明白题目

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: P=Dr=4%×255.5%=18.18P=\frac Dr=\frac{4\%\times25}{5.5\%}=18.18, 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?

1 个答案

王园圆_品职助教 · 2022年07月31日

嗨,努力学习的PZer你好:


同学你好,题目这里“The required return on this security is estimated at 5.5%”明确的写着这种证券的要求回报率是5.5%。而本句表述之前的一句清楚写着关于优先股的信息。所以这个这个5.5%肯定是说的优先股的要求回报率啊~~

另外Re这个表述并不特指普通股的要求回报率。而是题干讲的是什么证券,之后提及的re就是这种证券的要求回报率。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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