问题如下：
7. Based on the relationship between the implied growth rate and the sustainable growth rate, Peters’ team should conclude that Company JZY’s stock price is most likely:
选项：
A.undervalued.
B.fairly valued.
C.overvalued.
解释：
C is correct.
The sustainable growth rate of JZY stock = g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s implied growth rate of 5.3% is higher than the sustainable growth rate of 4.9%. Consequently, the stock is overvalued—that is, the intrinsic value of the stock will be less than its current market price. The current intrinsic value of JZY stock is as follows:
V0 = [D0(1 + g)]/(r – g)
= [0.84 (1.0490)]/(0.08 – 0.0490)
= US$28.42 < US$32.76.
Over the past 10 years, the company’s return on equity (ROE) has averaged 8.17% and its payout ratio has averaged 40%.
请问为从哪里可以看出，用过去10年的平均数据计算的g就是sustainable growth rate？
