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KKII · 2024年05月09日

B选项为什么对？不分红，只进行股票回购的公司也能用DDM吗？

  1. CFA II
  2. Equity

NO.PZ2023032701000012

问题如下：

Kwaza asks Khan to investigate the most appropriate models for valuing utility companies. She tells Khan about the following points mentioned in various research reports on the utilities sector.

• Report 1: A resurgence in domestic manufacturing activity will generate longterm growth in earnings and dividends that exceeds the cost of equity.

• Report 2: Share repurchases are expected to increase. The report expresses confidence in the forecasts regarding the magnitude and timing of these repurchases.

• Report 3: The report forecasts earnings growth of 4.5%. The key growth drivers are increases in population and business creation associated with stable GDP growth of 2.75%.

Which sector report best describes a situation in which the Gordon growth model could be used to value utility stocks?

选项：

A.

Report 1

B.

Report 2

C.

Report 3

解释：

because the Gordon growth model can accurately value companies that are repurchasing shares when the analyst can appropriately adjust the dividend growth rate for the impact of share repurchases.

不分红，只进行股票回购的公司也能用DDM吗？


无论是从DDM公式出发，还是从讲义里DDM的假设出发，都要求公司得分红呀



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1 个答案

王园圆_品职助教 · 2024年05月09日

同学你好，首先，这道题强调了回购是可预测的，并且是会增长的。而老师上课是说过的，回购其实也是一种分红，如果回购是规律的，那相当于每一期公司就也在规律的分红，所以也可以用DDM来作为公司价值的估计

其次，这种类型的题目其实做题原则就是矮子里面拔高子，而statement1说g大于了re，statement 3只说了公司净利润的增长率还有增长率的驱动因素，没有说分红怎么增长，相当于GGM的使用条件不足。那只有statement 2才能选了哦

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