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

Alex · 2024年04月17日

这道题可否定性判断？

  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

根据D/P=2/52=3.8%

而稳定期都有4%，就是说以市场价格投资能获得至少4%-3.8%=1.2%收益，所以现在价格低估了

添加评论
1 个答案

王园圆_品职助教 · 2024年04月17日

同学你好，你的这个方法无论老师还是原版书都是没有用过的，助教不建议你使用哦

一般这类题目还是算一个确切的value比较谨慎

  • 1

    回答

  • 0

    关注

  • 208

    浏览
相关问题

NO.PZ201710200100000209 问题如下 9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois: A.unrprice B.fairly price C.overprice A is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 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 =US6.372 我算出来-是一致的，但的计算方法难道不是+P4=2.4125*(1+4%)/7.8%-4%么，然后用CF的计算器那边录入，计算NPV算value么

2024-07-15 14:38 1 · 回答

NO.PZ201710200100000209 问题如下 9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois: A.unrprice B.fairly price C.overprice A is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 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 =US6.372 我不是很明白，有的时候要多加一期v折现，有的时候不加？就比如本大题的第5小题，22年的v就没折现，npv不包括，为什么这一题要加上去，可以不加吗？

2024-04-08 00:33 1 · 回答

NO.PZ201710200100000209 问题如下 9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois: A.unrprice B.fairly price C.overprice A is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 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 =US6.372 请问这题不能使用implievingrowth rate的方式反推g（即g=r-/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。

2023-06-14 23:34 1 · 回答

NO.PZ201710200100000209问题如下9. Baseon Exhibit 4, Intern 2 shoulconclu ththe Xavier stois:A.unrpriceB.fairly priceC.overpriceA is correct. Intern 2 values Xavier stoUS56.372 per share, whiis higher ththe current priof US52. = 2.000 × (1.048)1 = 2.096 = 2.000 × (1.048)2 = 2.197 = 2.000 × (1.048)3 = 2.302 = 2.000 × (1.048)4 = 2.413 = 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 =US6.372 ？？？？？？？？？？？？？

2023-03-17 00:22 1 · 回答