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wenxing · 2023年03月17日

我觉得是高估了

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000209

问题如下：

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项：

A.

underpriced.

B.

fairly priced.

C.

overpriced.

解释：

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D1 = 2.000 × (1.048)1 = 2.096

D2 = 2.000 × (1.048)2 = 2.197

D3 = 2.000 × (1.048)3 = 2.302

D4 = 2.000 × (1.048)4 = 2.413

D5 = 2.000 × (1.048)4 × 1.04 = 2.510

Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =USD56.372

？？？？？？？？？？？？？

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1 个答案

王园圆_品职助教 · 2023年03月17日

同学你好，

这里解析里根据通过intern 2给的growth rate，Re等数据计算出来的是股票的value，也就是说股票值多少钱——value = 56.372

而题目里说了股票的市场价格是52美元

一个东西值56美元，但是市场价格只卖52美元，那现在买入这个东西，等它价格回归价值（也就是可以从52美元涨到56美元），买入者不就赚钱了吗？——这就说明现在股票的市场价格是太低的，股票被低估

以下附上原版书一个关于判断高估低估的例子供同学参考

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