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欲溺之鱼 · 2024年07月15日

P0=0.8 这个数据哪里来的啊

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000302

问题如下：

2. Based on its justified leading P/E and the Gordon growth model, XYZ stock is:

选项：

A.

undervalued.

B.

fairly valued

C.

overvalued.

解释：

B is correct.

The justified leading P/E is calculated as

P0/E1=(1−b)(r−g)

where b is the retention ratio, 1 – b is the dividend payout ratio, r is the discount rate, and g is the long-term growth rate.

The justified leading P/E is

P0/E1=0.8/(0.07−0.03)=20

XYZ’s actual leading P/E is

P0/E1=10/0.5=20

Because the justified leading P/E equals the actual leading P/E, the stock is fairly valued.

P0=0.8 这个数据哪里来的啊

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1 个答案

王园圆_品职助教 · 2024年07月15日

同学你好，这里你看错解析的意思了呢

“P0/E1=(1−b) / (r−g) 解析这里/没有显示出来

where b is the retention ratio, 1 – b is the dividend payout ratio, r is the discount rate, and g is the long-term growth rate.

The justified leading P/E is

P0/E1=0.8/(0.07−0.03)=20”——这里计算的是justified leading P/E也就是分母是V0的P/E，请看以下讲义截图就是对应的justifed leading P/E的含义

所以这里0.8对应的是1-b，也就是分红比率 dividend payout ratio = 80%

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