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:
A.
The stock price is fairly valued.
B.
The stock price is undervalued.
C.
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,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。
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=D1/(re—g)=1(1+3.4%)/(10%—3.4%)=15.67,小于p=24,故高估
可以这样吗