NO.PZ2015122802000171
问题如下：
An equity analyst has been asked to estimate the intrinsic value of the common stock of Omega Corporation, a leading manufacturer of automobile seats. Omega is in a mature industry, and both its earnings and dividends are expected to grow at a rate of 3 percent annually. Which of the following is most likely to be the best model for determining the intrinsic value of an Omega share?
选项：
A. Gordon growth model.
B. Free cash flow to equity model.
C. Multistage dividend discount model.
解释：
A is correct.
The company is a mature company with a steadily growing dividend rate. The two-stage (or multistage) model is unnecessary because the dividend growth rate is expected to remain stable. Although an FCFE model could be used, that model is more often chosen for companies that currently pay no dividends.
考点：GGM
我们在估计一家公司的权益价值时可以选择一阶段或多阶段的股利折现模型或FCFE折现模型。因为题目告诉我们这是一家成熟的公司，且股利以固定速度增长，那么最佳方案就是一阶段股利折现模型（GGM)。此外，不选FCFE是因为题目明确告知的条件是D以5%的速度永续增长，没有任何关于FCFE的描述，所以不选B。对于C:DDM模型适合未来成长分阶段的公司，GGM相当于是DDM的特殊形式，在估计成熟公司（一阶段）的时候g恒定，所以公式可以简化成GGM。
earning和dividend的预期增长率都是3%，这里的earning指的是什么？做题时我以为earning的增长率是要求回报率r，如果r-g=0就用不了GGM了。。。
两个问题：1.earning的预期增长率和r的区别；
2.如果r小于等于g，是不是只能用FCFE来估值了？
