帕斯CFA · 2024年02月14日
NO.PZ2023040301000149
问题如下：
An investor gathers the following data to estimate the intrinsic value of a company’s stock using the justified forward P/E approach.
The intrinsic value per share is closest to:
选项：
A.$36
$48
$72
解释：
Dividend growth rate = (1 - Payout ratio) × ROE = 0.4 ×12.5 = 5%;
Justified forward P/E: P0 / E1 = payout ratio/ (r — g) = 0.60 / (0.10 — 0.05) = 12;
intrinsic value:P0 = P/E1 × E1 = 12 × $3 = $36
1这俩怎么区别？
2谁是公式1-b里的b？ 谁是d？
NO.PZ2023040301000149 问题如下 investor gathers the following ta to estimate the intrinsic value of a company’s stousing the justifieforwarP/E approach.The intrinsic value per share is closest to: A.$36 B.$48 C.$72 vingrowth rate = (1 - Payout ratio) × ROE = 0.4 ×12.5 = 5%;JustifieforwarP/E: P0 / E1 = payout ratio/ (r — g) = 0.60 / (0.10 — 0.05) = 12;intrinsic value:P0 = P/E1 × E1 = 12 × $3 = $36 1 在intrinsic value:P0 = P/E1 × E1 = 12 × $3 = $36中，为什么P/E算出来后还要再乘E？2 为什么求intrinsic value就是求相对估值？
NO.PZ2023040301000149 问题如下 investor gathers the following ta to estimate the intrinsic value of a company’s stousing the justifieforwarP/E approach.The intrinsic value per share is closest to: A.$36 B.$48 C.$72 vingrowth rate = (1 - Payout ratio) × ROE = 0.4 ×12.5 = 5%;JustifieforwarP/E: P0 / E1 = payout ratio/ (r — g) = 0.60 / (0.10 — 0.05) = 12;intrinsic value:P0 = P/E1 × E1 = 12 × $3 = $36 我没懂什么时候用P0/E0 什么时候用P1/E1这里为什么是用的P0/E1？
