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买买要当学霸 · 2022年03月13日

如果不相等的情况

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000302

问题如下：

2. Based on its justified leading P/E and the Gordon growth model, XYZ stock is:

选项：

A.

undervalued.

B.

fairly valued

C.

overvalued.

解释：

B is correct.

The justified leading P/E is calculated as

P0/E1=(1−b)(r−g)

where b is the retention ratio, 1 – b is the dividend payout ratio, r is the discount rate, and g is the long-term growth rate.

The justified leading P/E is

P0/E1=0.8×(0.07−0.03)=20

XYZ’s actual leading P/E is

P0/E1=100.5=20

Because the justified leading P/E equals the actual leading P/E, the stock is fairly valued.

如果justified leading PE ＞ actual leading P/E，是undervalued吗，请解释下原因

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已采纳答案

王园圆_品职助教 · 2022年03月14日

嗨，从没放弃的小努力你好：


同学你好，是的，如果justified leading PE ＞ actual leading P/E，说明公司被低估

因为justified leading PE是有value/earnings推导出来的（其中由于 value = D1/（r-g),最终公式推导才会得到 justified leading PE = （1-b)/(r-g)的最终公式）

而actual leading P/E = price/earnings

两个公式分目一样，就看分子。如果value>price，肯定说明公司股价被低估哦~~

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ201710200100000302 问题如下 2. Baseon its justifieleang P/E anthe Gorn growth mol, XYZ stois: A.unrvalue B.fairly value C.overvalue B is correct.The justifieleang P/E is calculateasP0/E1=(1−b)(r−g)where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate.The justifieleang P/E isP0/E1=0.8/(0.07−0.03)=20XYZ’s actuleang P/E isP0/E1=10/0.5=20Because the justifieleang P/E equals the actuleang P/E, the stois fairly value P0=0.8 这个数据哪里来的啊

2024-07-15 17:18 1 · 回答

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2023-01-28 18:06 2 · 回答

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2021-11-27 12:18 1 · 回答

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2021-11-26 00:10 1 · 回答