NO.PZ201710200100000302
问题如下：
2. Based on its justified leading P/E and the Gordon growth model, XYZ stock is:
选项：
A.undervalued.
B.fairly valued
C.overvalued.
解释：
B is correct.
The justified leading P/E is calculated as
P0/E1=(1−b)(r−g)
where b is the retention ratio, 1 – b is the dividend payout ratio, r is the discount rate, and g is the long-term growth rate.
The justified leading P/E is
P0/E1=0.8×(0.07−0.03)=20
XYZ’s actual leading P/E is
P0/E1=100.5=20
Because the justified leading P/E equals the actual leading P/E, the stock is fairly valued.
老师你好：
【第一个疑问】题干说based on justified leading P/E and the GGM。但justified leading P/E不就是用GGM推导出来的(1-b)/(r-g)吗，为啥题干把它说的像是两个不同的leading P/E呢？而且解析里面提到actual leading P/E，意思是GGM涉及到的是actual leading P/E而不是justified leading P/E？
【第二个疑问】把数字代入(1-b)/(r-g)，我可以算出正确答案；但我把下面这些数字代进去D0(1+g)/E1(r-g)，算不出正确答案，我是代入错误的数字，还是哪里理解错了？
- D0 = current year earning 0.45 x dividend payout ratio 80% = 0.36
- (1+g) = 1.03
- E1 = 0.5
- (r-g) = 0.04
