开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

erin_hi1990 · 2023年07月02日

老师这题的P0在哪里？

  1. CFA II
  2. Equity

NO.PZ2023032701000019

问题如下：

Tanner expects short-term rapid earnings growth of 20% in 2014 for GNSK, with the rate of growth linearly diminishing over the next five years to match industry conditions thereafter. He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry. Given these assumptions and the data in Exhibit 1.

Using Bradley’s assumptions regarding GNSK and the data from Exhibit 1, GNSK’s long-term dividend growth rate is closest to:

选项：

A.

8.0%

B.

7.0%

C.

7.3%

解释：

0.037 = (0.11 – g)/(1 + g)

0.037(1 + g) + g = 0.11

0.037 + 0.037g + g = 0.11

1.037g = 0.11 – 0.037

g = 0.073 / 1.037 = 0.0704 =7.0%

请问公式里头的P0在哪里体现了？

添加评论
1 个答案

王园圆_品职助教 · 2023年07月02日

同学你好，请看这句话“He assumes that starting in Year 6, GNSK’s long-term dividend growth rate will be equal to the current level of implied growth rate for the industry.”

所以这里要求G公司的g,其实是要求行业的隐含增长率

根据以下讲义截图，D1/P0 就是trailing dividend yield* （1+g) (trailing dividend yield = D0/P0)

所以这里不需要P0，g= 11% - 3.7%*（1+g)，用这个公式即可计算g

  • 1

    回答

  • 1

    关注

  • 299

    浏览
相关问题

NO.PZ2023032701000019问题如下 Tanner expects short-term rapiearnings growth of 20% in 2014 for GNSK, with the rate of growth linearly minishing over the next five years to matinstry contions thereafter. He assumes thstarting in Ye6, GNSK’s long-term vingrowth rate will equto the current level of impliegrowth rate for the instry. Given these assumptions anthe ta in Exhibit 1.Using Braey’s assumptions regarng GNSK anthe ta from Exhibit 1, GNSK’s long-term vingrowth rate is closest to: A.8.0%B.7.0%C.7.3% 0.037 = (0.11 – g)/(1 + g)0.037(1 + g) + g = 0.110.037 + 0.037g + g = 0.111.037g = 0.11 – 0.037g = 0.073 / 1.037 = 0.0704 =7.0% 看了以往的问题，还是有个疑问: 用行业平均增长率，那么为什么不能用行业的roe x (1-b)来计算g

2024-11-10 22:25 1 · 回答

NO.PZ2023032701000019 问题如下 Tanner expects short-term rapiearnings growth of 20% in 2014 for GNSK, with the rate of growth linearly minishing over the next five years to matinstry contions thereafter. He assumes thstarting in Ye6, GNSK’s long-term vingrowth rate will equto the current level of impliegrowth rate for the instry. Given these assumptions anthe ta in Exhibit 1.Using Braey’s assumptions regarng GNSK anthe ta from Exhibit 1, GNSK’s long-term vingrowth rate is closest to: A.8.0% B.7.0% C.7.3% 0.037 = (0.11 – g)/(1 + g)0.037(1 + g) + g = 0.110.037 + 0.037g + g = 0.111.037g = 0.11 – 0.037g = 0.073 / 1.037 = 0.0704 =7.0% 此题为何不能用这个公式g+vinyielrequirerate of return？

2024-07-19 21:20 1 · 回答

NO.PZ2023032701000019问题如下 Tanner expects short-term rapiearnings growth of 20% in 2014 for GNSK, with the rate of growth linearly minishing over the next five years to matinstry contions thereafter. He assumes thstarting in Ye6, GNSK’s long-term vingrowth rate will equto the current level of impliegrowth rate for the instry. Given these assumptions anthe ta in Exhibit 1.Using Braey’s assumptions regarng GNSK anthe ta from Exhibit 1, GNSK’s long-term vingrowth rate is closest to: A.8.0%B.7.0%C.7.3% 0.037 = (0.11 – g)/(1 + g)0.037(1 + g) + g = 0.110.037 + 0.037g + g = 0.111.037g = 0.11 – 0.037g = 0.073 / 1.037 = 0.0704 =7.0% 为什么这里的r选用requirereturn而不用return on equity？

2024-03-19 17:21 1 · 回答

NO.PZ2023032701000019 问题如下 Tanner expects short-term rapiearnings growth of 20% in 2014 for GNSK, with the rate of growth linearly minishing over the next five years to matinstry contions thereafter. He assumes thstarting in Ye6, GNSK’s long-term vingrowth rate will equto the current level of impliegrowth rate for the instry. Given these assumptions anthe ta in Exhibit 1.Using Braey’s assumptions regarng GNSK anthe ta from Exhibit 1, GNSK’s long-term vingrowth rate is closest to: A.8.0% B.7.0% C.7.3% 0.037 = (0.11 – g)/(1 + g)0.037(1 + g) + g = 0.110.037 + 0.037g + g = 0.111.037g = 0.11 – 0.037g = 0.073 / 1.037 = 0.0704 =7.0% 为何此处的imply g和行业ROE*b得出来的g有什么联系吗，或两者可以等同吗？

2023-10-16 23:18 1 · 回答