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Rongwei · 2019年11月06日

问一道题:NO.PZ2018103102000075

问题如下:

Matt, CFA, is evaluating the value of Company M by using the Gordon growth model. Given the required rate of return is 10% and the stock is fairly valued. He predicts that the dividend will grow at its recent rate of 4.5% per year into the indefinite future. Which of the following statements is least correct?

选项:

A.

The dividend yield of the stock is 5.5%.

B.

The total return of the stock is 14.5%.

C.

The capital gains yield of the stock is 4.5%.

解释:

B is correct.

考点:H-model,Sustainable Growth Rate & Dividend Growth Rate, Retention Rate, And ROE

解析:根据公式:Total return = Dividend yield + Capital gains yield

当股票被正确定价时,总回报率等于要求回报率为10%,其中capital gains yield为4.5%。因此,dividend yield为5.5%。

根据题目divident yield不是4.5%嘛?

1 个答案

maggie_品职助教 · 2019年11月07日

请仔细读题4.5%是股利的增长率也就是g,不是divident yield。g=capital gains yield.


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