aileen20180623 · 2024年01月25日
NO.PZ2018103102000103
问题如下：
Matt is evaluating Company M by using the single-stage residual income model and has assembled relevant information in the following table. Given the current market price of $45, determine whether the security is fairly valued, overvalued or undervalued?
选项：
A.Overvalued.
B.Fairly valued.
C.Undervalued.
解释：
C is correct.
考点：Single Stage Residual Income Valuation
解析:
高于当前市场价格$45，所以股票被低估。
您好，
我不太清楚为什么这里面用的是BVPS来代替BV，因为是b所以不存在B0或者B1,可以这么理解吗？
NO.PZ2018103102000103 问题如下 Matt is evaluating Company M using the single-stage resiincome mol anhassemblerelevant information in the following table. Given the current market priof $45, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Fairly value C.Unrvalue C is correct.考点Single Stage ResiIncome Valuation解析:V0=B0+ROE−rr−g×B0V_0=B_0+\frac{ROE-r}{r-g}\times B_0V0=B0+r−gROE−r×B0=28.25+14.5%−10.9%10.9%−5.5%×28.25=$47.08=28.25+\frac{14.5\%-10.9\%}{10.9\%-5.5\%}\times28.25=\$47.08=28.25+10.9%−5.5%14.5%−10.9%×28.25=$47.08高于当前市场价格$45，所以股票被低估。 所以股票被低估——这里不懂
NO.PZ2018103102000103 问题如下 Matt is evaluating Company M using the single-stage resiincome mol anhassemblerelevant information in the following table. Given the current market priof $45, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Fairly value C.Unrvalue C is correct.考点Single Stage ResiIncome Valuation解析:V0=B0+ROE−rr−g×B0V_0=B_0+\frac{ROE-r}{r-g}\times B_0V0=B0+r−gROE−r×B0=28.25+14.5%−10.9%10.9%−5.5%×28.25=$47.08=28.25+\frac{14.5\%-10.9\%}{10.9\%-5.5\%}\times28.25=\$47.08=28.25+10.9%−5.5%14.5%−10.9%×28.25=$47.08高于当前市场价格$45，所以股票被低估。 老师，我对于PVRI计算的时点有些困惑，具体计算过程如下RI0=(ROE-re)*BVPS=(14.5%-10.9%)*28.25=1.1017PVRI=RI0*(1+g)/(re-g)=1.1017*(1+5.5%)/(10.9%-5.5%)=21.524V=BV0+PVRI=21.524+28.25=49.774虽然计算出来结果可以选择正确，但是数值和答案不同，答案在计算PVRI时分子没有*（1+g），是因为题目给出的BVPS是默认0时刻，由递推式RI=（ROE-re）*BVPS得到的RI是1时刻（年初投入，年末收获）而非0时刻的吗？
NO.PZ2018103102000103问题如下 Matt is evaluating Company M using the single-stage resiincome mol anhassemblerelevant information in the following table. Given the current market priof $45, termine whether the security is fairly value overvalueor unrvalue A.OvervalueB.Fairly valueC.Unrvalue C is correct.考点Single Stage ResiIncome Valuation解析:V0=B0+ROE−rr−g×B0V_0=B_0+\frac{ROE-r}{r-g}\times B_0V0=B0+r−gROE−r×B0=28.25+14.5%−10.9%10.9%−5.5%×28.25=$47.08=28.25+\frac{14.5\%-10.9\%}{10.9\%-5.5\%}\times28.25=\$47.08=28.25+10.9%−5.5%14.5%−10.9%×28.25=$47.08高于当前市场价格$45，所以股票被低估。 老师，您好，为什么分母是r-g？如果不用到g，按永续经营不增长的假设呢？
NO.PZ2018103102000103 问题如下 Matt is evaluating Company M using the single-stage resiincome mol anhassemblerelevant information in the following table. Given the current market priof $45, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Fairly value C.Unrvalue C is correct.考点Single Stage ResiIncome Valuation解析:V0=B0+ROE−rr−g×B0V_0=B_0+\frac{ROE-r}{r-g}\times B_0V0=B0+r−gROE−r×B0=28.25+14.5%−10.9%10.9%−5.5%×28.25=$47.08=28.25+\frac{14.5\%-10.9\%}{10.9\%-5.5\%}\times28.25=\$47.08=28.25+10.9%−5.5%14.5%−10.9%×28.25=$47.08高于当前市场价格$45，所以股票被低估。 impliegrowth算出来是4.8% 那不应该是overvalue
