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xiaodi · 2023年07月11日

require return of ROE是什么意思？

  1. CFA II
  2. Equity

NO.PZ2023032701000073

问题如下：

Christie Johnson, CFA, has been assigned to analyze Sundanci. Johnson assumes that Sundanci’s earnings and dividends will grow at a constant rate of 13 percent. Exhibits 1 and 2 provide financial statements for the most recent two years (2007 and 2008) and other information for Sundanci.

Exhibit 1.Sundanci Actual 2007 and 2008 Financial Statements for Fiscal Years Ending 31 May (in Millions exceptPer-ShareData)

Exhibit 2.Selected Financial Information

Based on information in Exhibits 1 and 2 and on Johnson’s assumptions for Sundanci, the justified forward P/Es for this company is:

选项：

A.

30

B.

25

C.

35

解释：

The formula for calculating the justified forward P/E for a stable-growth company is the payout ratio divided by the difference between the required rate of return and the growth rate of dividends. If the P/E is being calculated on trailing earnings (Year 0), the payout ratio is increased by 1 plus the growth rate. According to the 2007 income statement, the payout ratio is 18/60 = 0.30; the 2008 income statement gives the same number (24/80 = 0.30). Thus, P/E based on trailing earnings:

P/E = [Payout ratio × (1 + g)]/(r－g)

= (0.30 × 1.13)/(0.14－0.13) = 33.9

P/E based on next year’s earnings:

P/E = Payout ratio/(r－g)= 0.30/(0.14－0.13) = 30


这个就是re么？跟require return of equity是一样的吗？

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王园圆_品职助教 · 2023年07月11日

同学你好，在一定条件下ROE和Re是相同的

由于这里求得是forward　justified　P/E，其本质使用的是value作为分子，且分子的计算本质使用的是GGM公式，在GGM成立的前提下，其实公司是进入了永续的增长的，其ｇ就等于sustainable　growth　rate，而此时就有以下原版书红色部分结论

所以才能有ROE＝Re

但是正常题目里，尤其在RImodel里面，ROE 和Re是两个概念哦

xiaodi · 2023年07月11日

我就是死活也找不到re。。 re= require return of equity，折现用的 ROE=return on equity，算eps用的 require return of ROE本质上就是一个东西的require return，那就是re（这样理解对吗？） 写个ROE奇奇怪怪的

王园圆_品职助教 · 2023年07月11日

同学你好，并不是所有的“算eps用的 require return of ROE本质上就是一个东西的require return，那就是re”，

本题的表达及背景都比较特殊，但是也有据可查，助教给你的原版书截图就是这种证据的出处（ROE=Re），

但不代表你在别的题目里看到ROE也可以默认为就是Re，这两者大部分时候不一致

正式考试中大概率不会出现"require return of ROE"这种表达，会清楚说明是Re还是ROE的

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