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Pina · 2021年11月23日

g

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000209

问题如下：

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项：

A.

underpriced.

B.

fairly priced.

C.

overpriced.

解释：

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D1 = 2.000 × (1.048)1 = 2.096

D2 = 2.000 × (1.048)2 = 2.197

D3 = 2.000 × (1.048)3 = 2.302

D4 = 2.000 × (1.048)4 = 2.413

D5 = 2.000 × (1.048)4 × 1.04 = 2.510

Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =USD56.372

老师好 这里intern 2's stock value  56.372  是算出来的不是给的是吗？ 这题可不可以 比较growth rate 来做, 虽然做出来和答案不同？ 就是 g= ROE *b =0.078* (1 – 2/52) = 0.075 = 7.5% 这也就是implied growth rate (由市场价反推出来的g , 也就是合格线？)  现在intern 2 算出的 g rates 4.8%, 4% 都小于 7.5%，。 所以是overpriced. 谢谢。

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1 个答案

王园圆_品职助教 · 2021年11月23日

嗨，努力学习的PZer你好：


同学你好，不可以哦~~g = ROE *b是sustainable growth rate而不是implied growth rate哦~~

implied growth rate = re -D1/P0哦~~

这两个公式完全不同哦~~

另外，书上教我们的判断价格被高估还是低估的唯一办法，就是计算出value和市场价进行比较哦~~这是没有办法用别的计算替代的呢~~

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努力的时光都是限量版，加油！

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