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常晓磊 · 2023年12月08日

为什么要计算peg

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ202207040100000305

问题如下：

Using Exhibits 1 and 2, the stock that would be the best addition to Fund D is:

选项：

A.AQU.

B.BRW.

C.CSY.

解释：

Solution

C is correct. Fund D follows the GARP (growth at a reasonable price) strategy, which seeks out companies with above-average growth that trade at reasonable valuation multiples. Many investors who use GARP rely on the P/E-to-growth (PEG) ratio.

  • AQU’s forward P/E is 36 ÷ 3.70 = 9.73, and its PEG ratio is 9.73 ÷ 9.50 = 1.02.

  • BRW’s forward P/E is 28 ÷ 2.75 = 10.18, and its PEG is 10.18 ÷ 12.0 = 0.85.

  • CSY’s forward P/E is 19 ÷ 1.95 = 9.74, and its PEG is 9.74 ÷ 11.25 = 0.87.

Although lower PEG ratios are preferred and BRW has a slightly lower PEG ratio than CSY, BRW’s EPS growth forecast of 12.00% is below the sector long-term growth forecast of 14.00% whereas CSY’s EPS growth forecast of 11.25% is above the sector long-term growth forecast of 10.00%. Given CSY’s combination of above-average growth and a reasonable valuation multiple, it would be the best addition to Fund D.

A is incorrect. AQU has the highest PEG ratio; lower PEG ratios are preferred.

B is incorrect. Although BRW has a slightly lower PEG ratio than CSY, BRW’s EPS growth forecast of 12.00% is below the sector long-term growth forecast of 14.00% whereas CSY’s EPS growth forecast of 11.25% is above the sector long-term growth forecast of 10.00%.

为什么要计算peg，按照fund d 的描述，只看growth，计算peg有什么意义

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笛子_品职助教 · 2023年12月11日

嗨，从没放弃的小努力你好：


为什么要计算peg，按照fund d 的描述，只看growth，计算peg有什么意义


Hello，亲爱的同学~

根据Fund D的陈述，并非同学所说的“只看growth”

同学注意，fund D描述中，老师用绿色线划出的内容，如图：



绿色画线内容是：要求合理的估值乘数。因此，FundD不仅看增长，也看估值乘数。

而PEG衡量的是增长率和估值乘数的关系，因此本题需要计算PEG。

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