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Joanne · 2023年05月03日

C为什么不对？

  1. CFA II
  2. Equity

NO.PZ2023032701000012

问题如下：

Kwaza asks Khan to investigate the most appropriate models for valuing utility companies. She tells Khan about the following points mentioned in various research reports on the utilities sector.

• Report 1: A resurgence in domestic manufacturing activity will generate longterm growth in earnings and dividends that exceeds the cost of equity.

• Report 2: Share repurchases are expected to increase. The report expresses confidence in the forecasts regarding the magnitude and timing of these repurchases.

• Report 3: The report forecasts earnings growth of 4.5%. The key growth drivers are increases in population and business creation associated with stable GDP growth of 2.75%.

Which sector report best describes a situation in which the Gordon growth model could be used to value utility stocks?

选项：

A.

Report 1

B.

Report 2

C.

Report 3

解释：

because the Gordon growth model can accurately value companies that are repurchasing shares when the analyst can appropriately adjust the dividend growth rate for the impact of share repurchases.

如题，C为什么不对？

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王园圆_品职助教 · 2023年05月03日

同学你好，GGM模型的适用条件是公司的分红，而不是earnings按照固定增长率增长，report 3只说了earnings会按照4.5%增长，没有提及分红，也没有说分红比率稳定，这一点就肯定不能选3了

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