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幸运是努力带来的 · 2025年04月15日

这道题eps增长率高于roe增长率，原因是什么？

  1. CFA II
  2. Equity

NO.PZ2023032701000014

问题如下：

Rae is Using GGM to value Tasty Foods.

Rae notes that the EPS of the company has been increasing at an average rate of 4.48 percent per year. The dividend payout ratio has remained fairly stable of 50%, and an average ROE of 10.6%.

Rae uses the CAPM to compute the return on equity. He uses the annual yield of 4 percent on the 10-year Treasury bond as the risk-free return. He estimates the expected US equity risk premium, with the S&P 500 Index used as a proxy for the market, to be 6.5 percent per year. The estimated beta of Tasty Foods against the S&P 500 Index is 1.10.

The stock’s current price is $8.42

Last year dividend per share is 0.59$/S.

Rae considers a security trading within a band of ±10 percent of his estimate of intrinsic value to be within a “fair value range.” By that criterion, the stock of Tasty Foods is:

选项：

A.

undervalued

B.

fairly valued

C.

Overvalued

解释：

G=ROE*b=10.6%*50%=5.3%

Using CAPM to estimate required rate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.

Using the Gordon Growth Model,

Rae’s estimate of the intrinsic value is $10.62. So, the band Rae is looking at is $10.62 ± 0.10($10.62), which runs from $10.62 + $1.06 = $11.68 on the upside to $10.62 -$1.06 = $9.56 on the downside. Because $8.42 is below $9.56, Rae would consider Tasty Foods to be undervalued.

如果每股收益增长率低于每股权益增长率，说明每股净资产小于1 ，对吗？如果题目里说的都是未来增长率。

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1 个答案

王园圆_品职助教 · 2025年04月15日

同学你好，你问的问题和这个题目有什么关系？？助教没有看懂你的问题

题目没有提到什么每股权益增长率，也没有提到要判断每股净资产大于1还是小于1啊

你是针对这道题目提问么？

这道题本质是通过GGM求股票的value——只是多了一步，分析师估计的value是一个固定的值，可能会范围过小（毕竟分析师也不是神仙，要允许一定的误差），所以只要股价能够落在这个估值的左右10%的范围内，依然可以认为股票是定价合理的——根据这个逻辑做本题就可以了，和每股收益增长率，每股权益增长率，是没有关系的


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