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Aimee🌸 · 2022年07月31日

关于div

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)rgP_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

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


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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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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

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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