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胖胖 · 2023年09月19日

Can you elaborate on this solution what each equation represents

  1. CFA II
  2. Equity

NO.PZ2018103102000044

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. Instead of using the two-stage DDM, Jacques wants to use his estimate that 4 years later PZ’s stock will be worth 20 times its earnings per share (trailing P/E of 20). She expects that the earnings retention ratio and the dividend at that time will be 0.6 and $ 0.3461 respectively. What is the terminal value of the stock based on this approach?

选项：

A.

$32.8.

B.

$20.1.

C.

$17.3.

解释：

C is correct.

考点：Valuation Models,Approaches for Calculating the Terminal Value

解析：C是正确的。题干已知V4/E4=20、D4/E4=1-0.60=0.40、D4=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3.

题干已知V4/E4=20、D4/E4=1-0.60=0.40、D4=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3.



V/E is P/E


D/E - what is this?


and then what is dividend/0.4...


I can't follow the logic in this question and where the formulas come from?

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1 个答案

王园圆_品职助教 · 2023年09月19日

同学你好，题干这里“ She expects that the earnings retention ratio and the dividend at that time will be 0.6 and $ 0.3461 respectively. ”说了NI的留存收益率是0.6，分红是0.3461

留存收益率 = 1- 分红比率，所以这里的意思是分红比率就是1-0.6=0.4

已知分红比率，和分红，就可以知道NI是多少

分红比率 = dividend/EPS ——0.4 = 0.3461 /EPS，所以EPS = 0.86525

知道了EPS，又知道"4 years later PZ’s stock will be worth 20 times its earnings per share (trailing P/E of 20)"也就是P/E倍数是20，就可以直接计算terminal value = 20 * 0.86525 = 17.3——也就得到本题答案了

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NO.PZ2018103102000044 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. Insteof using the two-stage M, Jacques wants to use his estimate th4 years later PZ’s stowill worth 20 times its earnings per share (trailing P/E of 20). She expects ththe earnings retention ratio anthe vinthtime will 0.6 an$ 0.3461 respectively. Whis the terminvalue of the stobaseon this approach? $32.8. $20.1. $17.3. C is correct.考点Valuation Mols,Approaches for Calculating the TerminValue解析C是正确的。题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3. 如题

2023-03-06 17:22 1 · 回答

NO.PZ2018103102000044 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. Insteof using the two-stage M, Jacques wants to use his estimate th4 years later PZ’s stowill worth 20 times its earnings per share (trailing P/E of 20). She expects ththe earnings retention ratio anthe vinthtime will 0.6 an$ 0.3461 respectively. Whis the terminvalue of the stobaseon this approach? $32.8. $20.1. $17.3. C is correct.考点Valuation Mols,Approaches for Calculating the TerminValue解析C是正确的。题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3. 20 times its earnings per share (trailing P/E of 20).

2022-05-26 21:49 1 · 回答

NO.PZ2018103102000044 $20.1. $17.3. C is correct. 考点Valuation Mols,Approaches for Calculating the TerminValue 解析C是正确的。题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3. 有没有对应的讲义？课件。

2022-02-25 20:44 2 · 回答

NO.PZ2018103102000044 就说明是 v/E么 ？所以不能p/e*06=12 是这样理解的么

2021-12-10 09:49 1 · 回答