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Wheel · 2022年12月16日

请问公允价值不就是他市值么

NO.PZ2022061307000084

问题如下:

Question
  • Par value per share: $10

  • Annual dividend per share: $2

  • Maturity: 15 years

An investor’s required rate of return is 8%, and the current market price per share of the preferred stock is $25. By comparing the estimated intrinsic value with the market price of the preferred stock, the most likely conclusion is that the preferred stock is:

A company has issued non-callable, non-convertible preferred stock with the following features:

选项:

A.fairly valued at $25.00. B.overvalued by $4.73. C.undervalued by $15.00.

解释:

Solution

B is correct. Using a financial calculator to find the present value (PV) of the future cash flows, intrinsic value is thus: FV = $10; n = 15; PMT = $2; r = 8%. Compute PV = $20.27.

The preferred stock is overvalued by $4.73 (Market price of $25 – Estimated value of $20.27).

A is incorrect. It ignores the maturity information and treats it as a perpetual preferred stock.

V0 = D0/r = $2/0.08 = $25

C is incorrect. It ignores the time value of money and simply sums up the total of dividends and the par value.

V0 = (Annual dividend per share × Maturity) + Par Value = (2 × 15) + 10

= 40

Thus, the preferred stock appears to be undervalued by $15.00 (Market price of $25 – Estimated value of $40).

他提到Market value 是25,应该也是fair value 吧

1 个答案

王园圆_品职助教 · 2022年12月16日

嗨,努力学习的PZer你好:


同学你好,这里考察的是优先股的市场价值market value和内在价值intrinsic value的区别,你可以认为market value就是 fair market value,但是和intrinsic value是完全不同的

优先股和普通股一样,有分析师会对该股票做估值,看它的市场价值market value是否和估值出来的内在价值intrinsic value一致

如果市场上卖的比内在价值更高,那该股票就是高估了

如果市场上卖的比内在价值更低,就是该股票被低估了

本题要做的就是计算内在价值,和market value做比较然后得出结论即可



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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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2024-01-12 17:02 1 · 回答

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