P/E从14.5降到14.0用了多少年？题目中并没有说，所以不能PE的年平均变化率应该是无法求出来的

NO.PZ2018091901000058 问题如下 Australiinvestor currently hol a A$240 million equity portfolio. He is consiring rebalancing the portfolio baseon assessment of the risk anreturn prospects facing the Australieconomy. Information relating to the Australiinvestment markets anthe economy hbeen collectein the following table: Using the information in the table, calculate the expecteannuequity return using the GrinolKroner mol (assume no change in the number of shares outstanng). A.6.25% B.-3.45% C.7.3% A is correct.The GrinolKronermol states ththe expectereturn on equity is the sum of the expectencome return (2.4%), the expectenominearnings growth return (7.3% = 2.3%from inflation + 5.0% from reearnings growth) anthe expecterepricingreturn (–3.45%). The expectechange in market valuation of –3.45% is calculates the percentage change in the P/E level from the current 14.5× to theexpectelevel of 14.0×: (14 – 14.5)/14.5 =–3.45%. Tus, theexpectereturn is 2.4% + 7.3% – 3.45% = 6.25%.解析GrinolKronermol计算收益率时包含以下三个部分 the expecteincome return, the expectenominearnings growthreturn 以及 the expecterepricing return。那么我们就分别求解这三部分。从表格中直接可得Expectennuincome return= 2.4%The expecteominearnings growth return=Expecteannureearnings growth + Expectenflation rate=5%+2.3%=7.3%对于The expecteepricing return，我们可以通过预期P/E值与当前P/E值得变化率求出，即 (14−14.5)/14.5 =−3.45%.所以最终的收益率为2.4% + 7.3%– 3.45% = 6.25%. 请问这里的share repricing为啥不可以用期初的15x去计算？

NO.PZ2018091901000058 问题如下 Australiinvestor currently hol a A$240 million equity portfolio. He is consiring rebalancing the portfolio baseon assessment of the risk anreturn prospects facing the Australieconomy. Information relating to the Australiinvestment markets anthe economy hbeen collectein the following table: Using the information in the table, calculate the expecteannuequity return using the GrinolKroner mol (assume no change in the number of shares outstanng). A.6.25% B.-3.45% C.7.3% A is correct.The GrinolKronermol states ththe expectereturn on equity is the sum of the expectencome return (2.4%), the expectenominearnings growth return (7.3% = 2.3%from inflation + 5.0% from reearnings growth) anthe expecterepricingreturn (–3.45%). The expectechange in market valuation of –3.45% is calculates the percentage change in the P/E level from the current 14.5× to theexpectelevel of 14.0×: (14 – 14.5)/14.5 =–3.45%. Tus, theexpectereturn is 2.4% + 7.3% – 3.45% = 6.25%.解析GrinolKronermol计算收益率时包含以下三个部分 the expecteincome return, the expectenominearnings growthreturn 以及 the expecterepricing return。那么我们就分别求解这三部分。从表格中直接可得Expectennuincome return= 2.4%The expecteominearnings growth return=Expecteannureearnings growth + Expectenflation rate=5%+2.3%=7.3%对于The expecteepricing return，我们可以通过预期P/E值与当前P/E值得变化率求出，即 (14−14.5)/14.5 =−3.45%.所以最终的收益率为2.4% + 7.3%– 3.45% = 6.25%. 提问

NO.PZ2018091901000058 问题如下 Australiinvestor currently hol a A$240 million equity portfolio. He is consiring rebalancing the portfolio baseon assessment of the risk anreturn prospects facing the Australieconomy. Information relating to the Australiinvestment markets anthe economy hbeen collectein the following table: Using the information in the table, calculate the expecteannuequity return using the GrinolKroner mol (assume no change in the number of shares outstanng). A.6.25% B.-3.45% C.7.3% A is correct.The GrinolKronermol states ththe expectereturn on equity is the sum of the expectencome return (2.4%), the expectenominearnings growth return (7.3% = 2.3%from inflation + 5.0% from reearnings growth) anthe expecterepricingreturn (–3.45%). The expectechange in market valuation of –3.45% is calculates the percentage change in the P/E level from the current 14.5× to theexpectelevel of 14.0×: (14 – 14.5)/14.5 =–3.45%. Tus, theexpectereturn is 2.4% + 7.3% – 3.45% = 6.25%.解析GrinolKronermol计算收益率时包含以下三个部分 the expecteincome return, the expectenominearnings growthreturn 以及 the expecterepricing return。那么我们就分别求解这三部分。从表格中直接可得Expectennuincome return= 2.4%The expecteominearnings growth return=Expecteannureearnings growth + Expectenflation rate=5%+2.3%=7.3%对于The expecteepricing return，我们可以通过预期P/E值与当前P/E值得变化率求出，即 (14−14.5)/14.5 =−3.45%.所以最终的收益率为2.4% + 7.3%– 3.45% = 6.25%. 题目要计算equtiy return，那根据讲义最后为什么不把ERP加上呢？题目给了之前的股票表现-9.4% 我就有点纠结要不要算完之后再加上

NO.PZ2018091901000058 问题如下 Australiinvestor currently hol a A$240 million equity portfolio. He is consiring rebalancing the portfolio baseon assessment of the risk anreturn prospects facing the Australieconomy. Information relating to the Australiinvestment markets anthe economy hbeen collectein the following table: Using the information in the table, calculate the expecteannuequity return using the GrinolKroner mol (assume no change in the number of shares outstanng). A.6.25% B.-3.45% C.7.3% A is correct.The GrinolKronermol states ththe expectereturn on equity is the sum of the expectencome return (2.4%), the expectenominearnings growth return (7.3% = 2.3%from inflation + 5.0% from reearnings growth) anthe expecterepricingreturn (–3.45%). The expectechange in market valuation of –3.45% is calculates the percentage change in the P/E level from the current 14.5× to theexpectelevel of 14.0×: (14 – 14.5)/14.5 =–3.45%. Tus, theexpectereturn is 2.4% + 7.3% – 3.45% = 6.25%.解析GrinolKronermol计算收益率时包含以下三个部分 the expecteincome return, the expectenominearnings growthreturn 以及 the expecterepricing return。那么我们就分别求解这三部分。从表格中直接可得Expectennuincome return= 2.4%The expecteominearnings growth return=Expecteannureearnings growth + Expectenflation rate=5%+2.3%=7.3%对于The expecteepricing return，我们可以通过预期P/E值与当前P/E值得变化率求出，即 (14−14.5)/14.5 =−3.45%.所以最终的收益率为2.4% + 7.3%– 3.45% = 6.25%. 这个条件在题目中是不是多此一举啊，因为已经说了income rate等于2.4%了，income是包括股息收入和回购收益的，他为啥要单独给这个条件呢。另外，如果这个条件不是0，而是1%，需要在2.4%的基础上加1%吗？我认为不应该加，只不过给出一个income里面的细项目，迷惑大家吧？