开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

黄路迦 · 2023年03月04日

如下

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P0=D0×(1+g)rgP_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。

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

1 个答案

王园圆_品职助教 · 2023年03月04日

嗨,努力学习的PZer你好:


同学你好,你的思路完全正确的哦~~

解析只是提供了一种解题思路但不一定是唯一的思路哦~~

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

  • 1

    回答
  • 0

    关注
  • 300

    浏览
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。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

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。请问为什么sustainable g是可以看做是市场预期的增长率呢

2022-05-24 15:25 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