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章鱼小圆子 · 2023年06月14日

请问这题不能使用implied dividend growth rate的方式反推g来对比的原因是不是因为它是两阶段？

  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

请问这题不能使用implied dividend growth rate的方式反推g（即g=r-D1/P0）来对比两个g从而得出高估低估的原因是不是因为它是两阶段？所以无法直接用这个公式对比。

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王园圆_品职助教 · 2023年06月15日

是的同学，implied g只适用于一阶段模型下对公司做高估低估的判断，而两阶段及以上的模型下，只能靠计算出value和price做比较才能得到结论

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