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小锦鲤要加油 · 2019年11月01日

问一道题：NO.PZ201710200100000405

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

5. Based on Exhibit 1 and the single-stage residual income model, the implied growth rate of earnings for SSX is closest to:

选项：

A.

5.8%.

B.

7.4%.

C.

11.0%.

解释：

B is correct.

The implied growth rate of earnings from the single-stage RI model is calculated by solving for g in the following equation:

V 0 = B 0 + ROE−r r−g B 0  

Book value per share can be calculated using the given price-to-book ratio and market price per share as follows.

Book value per share (B0) = Market price per share/Price-to-book ratio

= €48.80/2.10 = €23.24

Then, solve for the implied growth rate

48.80=23.24+ 0.2337−0.15 0.15−g 23.24

g = 7.4%

知道Book value之后怎么算出g的？公式是啥

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1 个答案

maggie_品职助教 · 2019年11月02日

请看讲义223页：


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NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4% 前面已经算出该公司的RI为133.9，为什么不能直接带入总的of Equity 1600?Vo=48.8=1600 + 133.9/(15%-g)是不是因为48.8是MVPS，为了统一，要把BV，以及计算RI的BV都变成per share的形式? 而133.9是通过(ROE-re)*总BV算出的，所以也不能用?

2024-04-16 05:05 2 · 回答

NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4%

2024-01-24 17:52 1 · 回答

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2023-03-01 11:38 1 · 回答

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2023-01-03 22:26 1 · 回答

NO.PZ201710200100000405 老师，为何这道题不能BV用4000*40%，然后V用上一题算出来的133.9带入公式计算g？

2021-06-10 08:43 2 · 回答