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,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