NO.PZ2023032701000051
问题如下:
Baker informs Covey that the highest and lowest reasonable alternative estimates of the valuation model parameters are as follows: 15% for beta, 20% for equity risk premium, and 25% for growth rate. He asks Covey to perform a sensitivity analysis for each of these parameters while keeping all other inputs at the base case level. Covey’s results are shown in Exhibit 2.
Exhibit 2 Sensitivity Analysis to Model Parameters in Valuation of Wadgett’s Common Shares
Note: The risk-free rate is 1.2% in all cases.
Using the data in Exhibit 2, the parameter that causes the greatest sensitivity in valuing Wadgett’s common shares is the:
选项:
A.
beta
B.
growth rate
C.
equity risk premium
解释:
When the low/high measure of each variable is tested singly for sensitivity in predicting a range of intrinsic value while holding the other variables at the base case, the equity risk premium variable produces the largest stock price range, as shown in the following table.
V=FCFE(1+g)/re-g,这又不是简单的加减关系,看哪个量影响最大,就相减比大小?re和g不是g最敏感吗?公式成立re就必须大于g,所以g越大,分母就会越小,V的值会变的很大。