问一道题：NO.PZ2018103102000078

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。可以用sustainable g算出合理定价下的v，然后再和p进行比较吗？sustainable g=roe*b=3.4%，所以合理定价下的V=/（re—g）=1（1+3.4%）/（10%—3.4%）=15.67，小于p=24，故高估可以这样吗

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。题目中显示最近的股利都是1，这个代表v0还是v1？这句话感觉可以引申成v都是1

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。请问为什么sustainable g是可以看做是市场预期的增长率呢

1.1/24+g=0.1 g=0.05833,不等于0.56吧？ 2.sustainable /或者expecte都是期望的代言词，不是implie吧？ 3.那是否有其他描绘expecte或者sustainable的词汇？

    implieg 和 sustainable g 的区别是？计算我知道，但不怎么会比较这2个g