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廖廖酱 · 2023年04月03日

关于题目中一句话

  1. CFA II
  2. Equity

NO.PZ2018103102000039

问题如下：

Steve is considering adding TMT Inc. in his portfolio. One of his colleagues Alan who also interested in TMT believes that the stock’s current market price of $30.79 is the fair value of the stock. However, Steve considers a security trading within a band of ±10 percent of his estimate of intrinsic value to be within a -fair value range.- Given the company’s current intrinsic value is $25.62, Steve believes the stock of TMT Inc. is most likely:

选项：

A.

undervalued.

B.

fairly valued.

C.

Overvalued.

解释：

C is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：C是正确的。Steve对内在价值的估计是25.62美元。那么TMT Inc.的合理区间为25.62±2.56美元,从25.62美元+ 2.56美元= 28.18美元到25.62美元 – 2.56美元=23.06美元。因为$30.79高于$28.18,所以Steve会认为TMT当前的股价是被高估了。

However, Steve considers a security trading within a band of ±10 percent of his estimate of intrinsic value to be within a -fair value range.-


老师您好，请问下这句话应该怎么理解？

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王园圆_品职助教 · 2023年04月03日

嗨，爱思考的PZer你好：


同学你好，这句话的意思就是，Steve这个分析师认为，只要股票的市场价格能够落在自己计算出来的股票的intrinsic value 加减10%的这个范围内，就说明股票的市场价格是合理的。

对应到题目里，就是计算出来的intrinsic value = 25.62，加减10%的范围就变成23.058 - 28.182，只要股票市场价格在这个粉色的范围内，考生就应该判断股票价格是合理的，没有被高估或低估

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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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