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Aimee🌸 · 2022年07月31日

关于div

  1. CFA II
  2. Equity

NO.PZ2018103102000078

问题如下：

Company M with a required rate of return of 10%. The company shares are currently selling for $24 per share and have paid a dividend of $1 per share for the most recent year. The company’s ROE is 8.5% and its payout ratio is 60%. Based on the relationship between the implied growth rate and the sustainable growth rate, which of the following statements is correct?

选项：

A.

The stock price is fairly valued.

B.

The stock price is undervalued.

C.

The stock price is overvalued.

解释：

C is correct.

考点：Implied Dividend Growth Rate

解析：Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%

根据公式P0=D0×(1+g)r−gP_0=\frac{D_0\times\left(1+g\right)}{r-g},计算implied growth rate

将P0 = 24，r = 10%，D0 = 1代入，求得g = 5.6%

由于内含增长率大于可持续增长率，所以股票价格被高估。

题目中显示最近的股利都是1，这个代表div0还是div1？这句话感觉可以引申成div都是1

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1 个答案

王园圆_品职助教 · 2022年07月31日

嗨，从没放弃的小努力你好：


同学你好，请仔细读题哦“have paid a dividend of $1 per share for the most recent year.”

题目用了“a"并且”year“后面没有"s",说明是最近一年的一笔分红为$1，并没有最近几年的股利都是1的意思哦~~

另外，本题用了'have'——现在完成时表示这个事情持续到当下，所以这是已经发生的事情，只能代表D0

D1是预测的未来的值，题目要交代会用将来时的哦


----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。可以用sustainable g算出合理定价下的v，然后再和p进行比较吗？sustainable g=roe*b=3.4%，所以合理定价下的V=/（re—g）=1（1+3.4%）/（10%—3.4%）=15.67，小于p=24，故高估可以这样吗

2023-03-04 12:51 1 · 回答

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。请问为什么sustainable g是可以看做是市场预期的增长率呢

2022-05-24 15:25 1 · 回答

1.1/24+g=0.1 g=0.05833,不等于0.56吧？ 2.sustainable /或者expecte都是期望的代言词，不是implie吧？ 3.那是否有其他描绘expecte或者sustainable的词汇？

2019-11-10 22:01 1 · 回答

    implieg 和 sustainable g 的区别是？计算我知道，但不怎么会比较这2个g

2019-10-16 00:13 1 · 回答