老师 分子不是应该是明年的divident吗，为什么不是 last yr divident （1+g) 的平方？

NO.PZ2023032701000014 问题如下 Ris Using GGM to value Tasty Foo.Rnotes ththe EPS of the company hbeen increasing average rate of 4.48 percent per year. The vinpayout ratio hremainefairly stable of 50%, anaverage ROE of 10.6%.Ruses the CAPM to compute the return on equity. He uses the annuyielof 4 percent on the 10-yeTreasury bonthe risk-free return. He estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year. The estimatebeta of Tasty Foo against the S P 500 Inx is 1.10.The stock’s current priis $8.42Last yevinper share is 0.59$/S.Rconsirs a security trang within a banof ±10 percent of his estimate of intrinsic value to within a “fair value range.” thcriterion, the stoof Tasty Foo is: A.unrvalue B.fairly value C.Overvalue G=ROE*b=10.6%*50%=5.3%Using CAPM to estimate requirerate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.Using the Gorn Growth Mol, Rae’s estimate of the intrinsic value is $10.62. So, the banRis looking is $10.62 ± 0.10($10.62), whiruns from $10.62 + $1.06 = $11.68 on the upsi to $10.62 -$1.06 = $9.56 on the wnsi. Because $8.42 is below $9.56, Rwoulconsir Tasty Foo to unrvalue 何老师上课的讲义上面也写了ROE恒定的情况，绿色框里的，写了EPS也是按照g增长

NO.PZ2023032701000014问题如下 Ris Using GGM to value Tasty Foo.Rnotes ththe EPS of the company hbeen increasing average rate of 4.48 percent per year. The vinpayout ratio hremainefairly stable of 50%, anaverage ROE of 10.6%.Ruses the CAPM to compute the return on equity. He uses the annuyielof 4 percent on the 10-yeTreasury bonthe risk-free return. He estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year. The estimatebeta of Tasty Foo against the S P 500 Inx is 1.10.The stock’s current priis $8.42Last yevinper share is 0.59$/S.Rconsirs a security trang within a banof ±10 percent of his estimate of intrinsic value to within a “fair value range.” thcriterion, the stoof Tasty Foo is: A.unrvalue.fairly value.Overvalue G=ROE*b=10.6%*50%=5.3%Using CAPM to estimate requirerate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.Using the Gorn Growth Mol, Rae’s estimate of the intrinsic value is $10.62. So, the banRis looking is $10.62 ± 0.10($10.62), whiruns from $10.62 + $1.06 = $11.68 on the upsi to $10.62 -$1.06 = $9.56 on the wnsi. Because $8.42 is below $9.56, Rwoulconsir Tasty Foo to unrvalue EPS增长率4.48% 为什么和算的的g不同？

NO.PZ2023032701000014 问题如下 Ris Using GGM to value Tasty Foo.Rnotes ththe EPS of the company hbeen increasing average rate of 4.48 percent per year. The vinpayout ratio hremainefairly stable of 50%, anaverage ROE of 10.6%.Ruses the CAPM to compute the return on equity. He uses the annuyielof 4 percent on the 10-yeTreasury bonthe risk-free return. He estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year. The estimatebeta of Tasty Foo against the S P 500 Inx is 1.10.The stock’s current priis $8.42Last yevinper share is 0.59$/S.Rconsirs a security trang within a banof ±10 percent of his estimate of intrinsic value to within a “fair value range.” thcriterion, the stoof Tasty Foo is: A.unrvalue B.fairly value C.Overvalue G=ROE*b=10.6%*50%=5.3%Using CAPM to estimate requirerate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.Using the Gorn Growth Mol, Rae’s estimate of the intrinsic value is $10.62. So, the banRis looking is $10.62 ± 0.10($10.62), whiruns from $10.62 + $1.06 = $11.68 on the upsi to $10.62 -$1.06 = $9.56 on the wnsi. Because $8.42 is below $9.56, Rwoulconsir Tasty Foo to unrvalue 题目说了去年的分红是0.59，算（明年的分红）应该是0.59*1.053的平方才对吧？

NO.PZ2023032701000014 问题如下 Ris Using GGM to value Tasty Foo.Rnotes ththe EPS of the company hbeen increasing average rate of 4.48 percent per year. The vinpayout ratio hremainefairly stable of 50%, anaverage ROE of 10.6%.Ruses the CAPM to compute the return on equity. He uses the annuyielof 4 percent on the 10-yeTreasury bonthe risk-free return. He estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year. The estimatebeta of Tasty Foo against the S P 500 Inx is 1.10.The stock’s current priis $8.42Last yevinper share is 0.59$/S.Rconsirs a security trang within a banof ±10 percent of his estimate of intrinsic value to within a “fair value range.” thcriterion, the stoof Tasty Foo is: A.unrvalue B.fairly value C.Overvalue G=ROE*b=10.6%*50%=5.3%Using CAPM to estimate requirerate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.Using the Gorn Growth Mol, Rae’s estimate of the intrinsic value is $10.62. So, the banRis looking is $10.62 ± 0.10($10.62), whiruns from $10.62 + $1.06 = $11.68 on the upsi to $10.62 -$1.06 = $9.56 on the wnsi. Because $8.42 is below $9.56, Rwoulconsir Tasty Foo to unrvalue “estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year” 该表述中的6.5%为何直接可理解为Rm-Rf 的结果，而非等同于Rm?

NO.PZ2023032701000014问题如下 Ris Using GGM to value Tasty Foo.Rnotes ththe EPS of the company hbeen increasing average rate of 4.48 percent per year. The vinpayout ratio hremainefairly stable of 50%, anaverage ROE of 10.6%.Ruses the CAPM to compute the return on equity. He uses the annuyielof 4 percent on the 10-yeTreasury bonthe risk-free return. He estimates the expecteUS equity risk premium, with the S P 500 Inx usea proxy for the market, to 6.5 percent per year. The estimatebeta of Tasty Foo against the S P 500 Inx is 1.10.The stock’s current priis $8.42Last yevinper share is 0.59$/S.Rconsirs a security trang within a banof ±10 percent of his estimate of intrinsic value to within a “fair value range.” thcriterion, the stoof Tasty Foo is: A.unrvalue.fairly value.Overvalue G=ROE*b=10.6%*50%=5.3%Using CAPM to estimate requirerate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.Using the Gorn Growth Mol, Rae’s estimate of the intrinsic value is $10.62. So, the banRis looking is $10.62 ± 0.10($10.62), whiruns from $10.62 + $1.06 = $11.68 on the upsi to $10.62 -$1.06 = $9.56 on the wnsi. Because $8.42 is below $9.56, Rwoulconsir Tasty Foo to unrvalue 这道题的高估低估和我理解的方向是一致的，计算出来的或者说预期的或应该的价格是9.56-10.62，目前市场上实际价格是8.42，所以应该至少是9.56但是没有达到，是价格被低估了。但是我无法理解上课讲的implieg和estimateg的高估和低估，上课举的例子implieg应该的（预期的）是10%，estimateg实际的是15%，结论是低估。我的理解是实际的g高于了应该的或预期，同这道题价格的判断方法一样，不应该是高估吗？