问一道题：NO.PZ201512300100000806 第6小题

NO.PZ201512300100000806 问题如下 Jacob niel is the chief investment officer a US pension funsponsor, anSteven Ris analyst for the pension funwho follows consumer/noncyclicstocks. the beginning of 2009, niel asks Rto value the equity of Tasty Foo Company for its possible inclusion in the list of approveinvestments. Tasty Foo Company is involvein the proction of frozen foo thare solunr its own branname to retailers. Ris consiring if a vinscount mol woulappropriate for valuing Tasty Foo. He hcompilethe information in the following table for the company’s EPS anS ring the last five years. The quarterly vin paithe company have been aeto arrive the annuvin. Rhalso computethe vinpayout ratio for eayeS/EPS anthe growth rates in EPS anS. Rnotes ththe EPS of the company hbeen increasing average rate of 4.48 percent per year. The vinpayout ratio hremainefairly stable anvin have increaseaverage rate of 5.30 percent. In view of a history of vinpayments the company anthe unrstanble relationship vinpolibears to the company’s earnings, Rconclus ththe M is appropriate to value the equity of Tasty Foo. Further, he expects the morate growth rate of the company to persist ancis to use the Gorn growth mol. Ruses the CAPM to compute the return on equity. He uses the annuyielof 4 percent on the 10-yeTreasury bonthe risk-free return. He estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year. The estimatebeta of Tasty Foo against the S P 500 Inx is 1.10. Accorngly, Rae’s estimate for the requirereturn on equity for Tasty Foo is 0.04 + 1.10(0.065) = 0.1115 or 11.15 percent. Using the past growth rate in vin of 5.30 percent his estimate of the future growth rate in vin, Rcomputes the value of Tasty Foo stock. He shows his analysis to Alex Renterihis colleague the pension funwho specializes in the frozen foo instry. Renteria concurs with the valuation approauseRbut sagrees with the future growth rate he use Renteria believes ththe stock’s current priof $8.42 is the fair value of the stock. 6. If Alex Renteria is correththe current priof Tasty Foo stois its fair value, whis expectecapitgains yielon the stock? A.3.87%. B.4.25%. C.5.30%. A is correct.If the stois fairly pricein the market per the Gorn growth mol, the stopriis expecteto increase g, the expectegrowth rate in vin. The impliegrowth rate in vin, if priis the fair value, is 3.87 percent. Therefore, the expectecapitgains yielis 3.87 percent. r=/P+g,g为capitgain，所带入11.15%=0.59*（1+5.3%）/8.42+g，求得g=3.77%，为什么跟答案不一样？

NO.PZ201512300100000806 问题如下 6. If Alex Renteria is correththe current priof Tasty Foo stois its fair value, whis expectecapitgains yielon the stock? A.3.87%. B.4.25%. C.5.30%. A is correct.If the stois fairly pricein the market per the Gorn growth mol, the stopriis expecteto increase g, the expectegrowth rate in vin. The impliegrowth rate in vin, if priis the fair value, is 3.87 percent. Therefore, the expectecapitgains yielis 3.87 percent. 有一道题的解析里面是这么说的Totreturn = vinyiel+ Capitgains yieltotreturn不就是requirereturn么？

NO.PZ201512300100000806 问题如下 6. If Alex Renteria is correththe current priof Tasty Foo stois its fair value, whis expectecapitgains yielon the stock? A.3.87%. B.4.25%. C.5.30%. A is correct.If the stois fairly pricein the market per the Gorn growth mol, the stopriis expecteto increase g, the expectegrowth rate in vin. The impliegrowth rate in vin, if priis the fair value, is 3.87 percent. Therefore, the expectecapitgains yielis 3.87 percent. If Alex Renteria is correththe current priof Tasty Foo stois its fair value, 这句话的意思是，当股票的价格等于内在价值时。对吗？

NO.PZ201512300100000806 问题如下 6. If Alex Renteria is correththe current priof Tasty Foo stois its fair value, whis expectecapitgains yielon the stock? A.3.87%. B.4.25%. C.5.30%. A is correct.If the stois fairly pricein the market per the Gorn growth mol, the stopriis expecteto increase g, the expectegrowth rate in vin. The impliegrowth rate in vin, if priis the fair value, is 3.87 percent. Therefore, the expectecapitgains yielis 3.87 percent. 请看讲义P93页g in GGMis the rate of capitappreciation (sometimes callecapitgains yiel.

NO.PZ201512300100000806 4.25%. 5.30%. A is correct. If the stois fairly pricein the market per the Gorn growth mol, the stopriis expecteto increase g, the expectegrowth rate in vin. The impliegrowth rate in vin, if priis the fair value, is 3.87 percent. Therefore, the expectecapitgains yielis 3.87 percent.g=/P0+r，其中P0是market price还是我们预测的intrinsic value，谢谢