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lurriss · 2023年04月21日

老师可以说一下A选项为什么不对吗？谢谢

  1. CFA II
  2. Equity

NO.PZ2023032701000012

问题如下：

Kwaza asks Khan to investigate the most appropriate models for valuing utility companies. She tells Khan about the following points mentioned in various research reports on the utilities sector.

• Report 1: A resurgence in domestic manufacturing activity will generate longterm growth in earnings and dividends that exceeds the cost of equity.

• Report 2: Share repurchases are expected to increase. The report expresses confidence in the forecasts regarding the magnitude and timing of these repurchases.

• Report 3: The report forecasts earnings growth of 4.5%. The key growth drivers are increases in population and business creation associated with stable GDP growth of 2.75%.

Which sector report best describes a situation in which the Gordon growth model could be used to value utility stocks?

选项：

A.

Report 1

B.

Report 2

C.

Report 3

解释：

because the Gordon growth model can accurately value companies that are repurchasing shares when the analyst can appropriately adjust the dividend growth rate for the impact of share repurchases.

​老师可以说一下A选项为什么不对吗？稳定增长时为什么不可以用呢？

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1 个答案

王园圆_品职助教 · 2023年04月21日

同学你好，你再仔细读下“ longterm growth in earnings and dividends that exceeds the cost of equity.”意思是g都超过了Re

而GGM用来求value的先决条件是Re必须大于g，所以1描述的此种情况下，GGM公式根本不能用了哦

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