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羊 · 2023年03月01日

你好 48.8是mv 如何看出是正确定价的呢

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000405

问题如下：

5. Based on Exhibit 1 and the single-stage residual income model, the implied growth rate of earnings for SSX is closest to:

选项：

A.

5.8%.

B.

7.4%.

C.

11.0%.

解释：

B is correct.

The implied growth rate of earnings from the single-stage RI model is calculated by solving for g in the following equation:

V 0 = B 0 + ROE−r r−g B 0

Book value per share can be calculated using the given price-to-book ratio and market price per share as follows.

Book value per share (B0) = Market price per share/Price-to-book ratio

= €48.80/2.10 = €23.24

Then, solve for the implied growth rate

48.80=23.24+ 0.2337−0.15 0.15−g 23.24

g = 7.4%

v0做题时没找到 有点纠结

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1 个答案

王园圆_品职助教 · 2023年03月01日

嗨，从没放弃的小努力你好：


同学你好，这道题问的是“implied growth rate of earnings from the single-stage RI model“

所谓的implied growth rate就是指的股票价格里所隐含的growth rate是多少的意思

所以这里使用的V0就必须使用股票的market price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.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4% 前面已经算出该公司的RI为133.9，为什么不能直接带入总的of Equity 1600?Vo=48.8=1600 + 133.9/(15%-g)是不是因为48.8是MVPS，为了统一，要把BV，以及计算RI的BV都变成per share的形式? 而133.9是通过(ROE-re)*总BV算出的，所以也不能用?

2024-04-16 05:05 2 · 回答

NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4%

2024-01-24 17:52 1 · 回答

NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4% 这里的single stage 哪里能看出借用p/b这个ratio来计算B？

2023-01-03 22:26 1 · 回答

NO.PZ201710200100000405 老师，为何这道题不能BV用4000*40%，然后V用上一题算出来的133.9带入公式计算g？

2021-06-10 08:43 2 · 回答