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胖胖 · 2023年09月16日

What does this mean?

  1. CFA II
  2. Equity

NO.PZ2018103102000094

问题如下：

Company M has a preferred stock with par value of $25 per share and pays an annual dividend of 4%. The required return on this security is estimated at 5.5%. Given the current market price of $20, determine whether the security is fairly valued, overvalued or undervalued?

选项：

A.

Overvalued.

B.

Undervalued.

C.

Fairly valued.

解释：

A is correct.

考点：Valuing Preferred Stock

解析: P=Dr=4%×255.5%=18.18P=\frac Dr=\frac{4\%\times25}{5.5\%}=18.18, 小于市场价格$20，所以股票被高估。

 "par value of $25 per share"



does this mean the earnings is $25?


because preferred stock =Div/r


Can you explain the theory behind multiplying 25 by 0.04%

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1 个答案

王园圆_品职助教 · 2023年09月17日

同学你好，par value 就是面值，这里的意思是，这个优先股的面值是25，并且每年（按照面值的金额）支付4%的分红率

这里可以类比债券，债券的面值和coupon rate

所以25*4%就可以计算每年实际的分红金额D

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