NO.PZ2022123001000156
问题如下：
An analyst observes the benchmark Indian NIFTY 50
stock index trading at a forward price-to-earnings ratio of 15. The index’s
expected dividend payout ratio in the next year is 50 percent, and the index’s
required return is 7.50 percent. If the analyst believes that the NIFTY 50
index dividends will grow at a constant rate of 4.50 percent in the future,
which of the following statements is correct?
选项：
A.
The analyst should view the NIFTY 50 as overpriced.
B.
The analyst should view the NIFTY 50 as underpriced.
C.
The analyst should view the NIFTY 50 as fairly priced.
解释：
B is correct. the previous
input results in the following inequality: 15 < 0.50/(0.0750−0.045) = 16.67.
The above inequality
implies that the analyst should view the NIFTY 50 as priced too low. The
fundamental inputs into the equation imply a forward price to earnings ratio of
16.67 rather than 15. An alternative approach to answering the question would
be to solve for implied growth using the observed forward price to earnings
ratio of 15 and compare this to the analyst’s growth expectations:
15 = 0.50/(0.075− g) .
Solving
for g yields a result of 4.1667 percent. Since the analyst expects higher NIFTY
50 dividend growth of 4.50 percent, the index is viewed as underpriced.
此题中forward growth是15，implied growth是16.67，是高估还是低估？说法对吗
