sustainable g

NO.PZ2018103102000078

问题如下：

Company M with a required rate of return of 10%. The company shares are currently selling for $24 per share and have paid a dividend of $1 per share for the most recent year. The company’s ROE is 8.5% and its payout ratio is 60%. Based on the relationship between the implied growth rate and the sustainable growth rate, which of the following statements is correct?

选项：

The stock price is fairly valued.

The stock price is undervalued.

The stock price is overvalued.

解释：

C is correct.

考点：Implied Dividend Growth Rate

解析：Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%

根据公式 $P_0=\frac{D_0\times\left(1+g\right)}{r-g}$ ,计算implied growth rate

将P₀ = 24，r = 10%，D₀ = 1代入，求得g = 5.6%

由于内含增长率大于可持续增长率，所以股票价格被高估。

请问为什么sustainable g是可以看做是市场预期的增长率呢

添加评论

1 个答案

王园圆_品职助教 · 2022年05月24日

嗨，努力学习的PZer你好：

同学你好，本题不是将市场预期（股票价格）和股票自身价值做比较，而是将股票自身的潜能和股票的外在表现（价格）做比较

这里sustainable growth rate并不是市场预期，而是公司自身实际表现所体现的潜在增长率。

如果一个公司的潜在增长率小于这个公司现在的股价所反推出的增长率（implied growth rate），就说明公司成长性没有它的股价看起来的那么好，说明市场高估了公司的增长潜能，所以该股票被高估。

----------------------------------------------
努力的时光都是限量版，加油！

添加评论

1
回答
0
关注
313
浏览

我要回答关注问题

相关问题

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0=r−g×(1+g),计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。可以用sustainable g算出合理定价下的v，然后再和p进行比较吗？sustainable g=roe*b=3.4%，所以合理定价下的V=/（re—g）=1（1+3.4%）/（10%—3.4%）=15.67，小于p=24，故高估可以这样吗

2023-03-04 12:51 1 · 回答

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0=r−g×(1+g),计算impliegrowth rate将P0 = 24，r = 10%， = 1代入，求得g = 5.6%由于内含增长率大于可持续增长率，所以股票价格被高估。题目中显示最近的股利都是1，这个代表v0还是v1？这句话感觉可以引申成v都是1

2022-07-31 10:54 1 · 回答

1.1/24+g=0.1 g=0.05833,不等于0.56吧？ 2.sustainable /或者expecte都是期望的代言词，不是implie吧？ 3.那是否有其他描绘expecte或者sustainable的词汇？

2019-11-10 22:01 1 · 回答

implieg 和 sustainable g 的区别是？计算我知道，但不怎么会比较这2个g

2019-10-16 00:13 1 · 回答

sustainable g

1 个答案

1

0

313

相关问题