vvnsw · 2025年01月19日
NO.PZ2022061307000078
问题如下：
Question
An investor gathers the following data to estimate the intrinsic value of a company’s stock using the justified forward price-to-earnings ratio (P/E) approach.
选项：
A.$36.00 B.$48.00 C.$72.00解释：
Solution
A is correct. Given that the intrinsic value is P0 = P0/E1 × E1 and the justified forward P/E is P0/E1 = p/(r – g), where p = payout ratio,
不可以直接用3（1+5%）/5%？
王园圆_品职助教 · 2025年01月19日
同学你好，因为题干最开始就明确说了，要用justified forward P/E 来计算公司价值，而没说可以用别的方式，所以我们应该严格按照题目的要求计算——“An investor gathers the following data to estimate the intrinsic value of a company’s stock using the justified forward price-to-earnings ratio (P/E) approach.”
另外，3是明年的EPS不是明年的分红，你这里想用GGM计算股票价值的话，分子就错了
还有，即便是GGM，你这个公式分子和分母都不对哦？GGM = V0 =D1/(r-g） ———分母是r-g，也就应该是12.5% - 5% = 7.5%才对；此外，用GGM的话，分子应该是D1，而题干说了3是明年的EPS，也就是说用EPS*dividend payout ratio计算的本来就是D1而不是D0，分子也不需要用D1*（1+g)了，直接D1就可以了
最后，你会发现即便用正确的GGM公式计算，也得不到任何一个选项的答案，所以GGM在本题就是不能适用的，我们只能先计算justified leading P/E然后用这个justified leading P/E乘以明年的EPS 3 才能得出公司的价值
NO.PZ2022061307000078 问题如下 Questioninvestor gathers the following ta to estimate the intrinsic value of a company’s stousing the justifieforwarprice-to-earnings ratio (P/E) approach.The intrinsic value per share is closest to: A.$36.00 B.$48.00 C.$72.00 SolutionA is correct. Given ththe intrinsic value is P0 = P0/E1 × E1 anthe justifieforwarP/E is P0/E1 = p/(r – g), where p = payout ratio, sustainable growth rate g=ROE*b 老师这个怎么理解？
NO.PZ2022061307000078问题如下 Questioninvestor gathers the following ta to estimate the intrinsic value of a company’s stousing the justifieforwarprice-to-earnings ratio (P/E) approach.The intrinsic value per share is closest to: A.$36.00B.$48.00C.$72.00 SolutionA is correct. Given ththe intrinsic value is P0 = P0/E1 × E1 anthe justifieforwarP/E is P0/E1 = p/(r – g), where p = payout ratio, 能详细说说吗？1-payout ratio=retaineearning ratio然后怎么把g这个增长率算出来？我找不到老师的讲义具体在哪里了
