Aimee🌸 · 2022年07月31日
NO.PZ2018103102000094
问题如下：
Company M has a preferred stock with par value of $25 per share and pays an annual dividend of 4%. The required return on this security is estimated at 5.5%. Given the current market price of $20, determine whether the security is fairly valued, overvalued or undervalued?
选项：
A.
Overvalued.
B.
Undervalued.
C.
Fairly valued.
解释：
A is correct.
考点：Valuing Preferred Stock
解析: , 小于市场价格$20，所以股票被高估。
第一反应是去找implied g，但求不出来。
求优先股的价格的r，为什么可以直接用题目中的5.5%？这个不是普通股的re吗？
王园圆_品职助教 · 2022年07月31日
嗨，努力学习的PZer你好：
同学你好，题目这里“The required return on this security is estimated at 5.5%”明确的写着这种证券的要求回报率是5.5%。而本句表述之前的一句清楚写着关于优先股的信息。所以这个这个5.5%肯定是说的优先股的要求回报率啊~~
另外Re这个表述并不特指普通股的要求回报率。而是题干讲的是什么证券，之后提及的re就是这种证券的要求回报率。
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
NO.PZ2018103102000094 问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Unrvalue C.Fairly value A is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。 \"pvalue of $25 per share\"es this methe earnings is $25?because preferresto=v/rCyou explain the theory behinmultiplying 25 0.04%
NO.PZ2018103102000094问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.OvervalueB.UnrvalueC.Fairly valueA is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。价值小于价格，为啥不是价值被低估
NO.PZ2018103102000094 问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Unrvalue C.Fairly value A is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。 老师1）这道题里的“The requirereturn”就是指的资本化率，对么？2）您帮我区分下我总是把V=r 和GGM 公示V=/r-g 混掉，所以这道题我就总想找g。优先股是不是没有g，它就是固定股息和对应的回报率？GGM是恒定的增长率？股息也是以恒定的g增长？
NO.PZ2018103102000094 问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Unrvalue C.Fairly value A is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。 您好，想确认一点，这里是求优先股的价值，比较的也是和优先股市场价比较，没错吧？谢谢。
