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周梅 · 2024年03月27日

equity

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ202303150300000302

问题如下：

Using the H-model, the information in Exhibits 1 and 2, and Jatin’s estimates for growth and required return on the stock, the intrinsic value of CRN’s stock as of 20X3 is closest to:

选项：

A.$22.22. B.$17.55. C.$18.38.

解释：

Solution

C is correct. The H-model isV0=D0(1+gL)+D0H(gS-gL)r-gL,where

D0 = Dividend/Number of shares

D0 = $48/$50 = $0.96

gS = Initial short-term dividend growth rate = 20%

gL = Normal long-term dividend growth rate = 6%

r = 11% + 2% = 13%

H = 4/2 = 2

D0(1+gL)r-gL= 0.96(1.06)0.13-0.06 = 14.54

D0H(gS-gL)r-gL = 0.96×2(0.20-0.06)0.13-0.06 = $3.84

V0 = $14.54 + $3.84

= $18.38

A is incorrect. It uses 2H (instead of H) in the second part of the equation.

D0(1 + gL)/(r – gL) = 0.96 × 1.06/(0.13 – 0.06) = $14.54;

D02H(gS – gL)/(r – gL) = 0.96 × 4(0.20 – 0.06)/(0.13 – 0.06) = $7.68

V0 = $14.54 + $7.68 = $22.22

B is incorrect. It neglects to multiply D0 by the long-term growth rate in the first part of the equation.

D0/(r – gL) = 0.96/(0.13 – 0.06) = $13.71;

D0H(gS – gL)/(r – gL) = 0.96 × 2(0.20 – 0.06)/(0.13 – 0.06) = $3.84

V0 = $13.71 + $3.84

= $17.55

这个2%在题目里面哪里体现了


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1 个答案

王园圆_品职助教 · 2024年03月27日

同学你好， 请看以下题目截图红色框部分

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NO.PZ202303150300000302 问题如下 Using the H-mol, the information in Exhibits 1 an2, anJatin’s estimates for growth anrequirereturn on the stock, the intrinsic value of CRN’s stoof 20X3 is closest to: A.$22.22. B.$17.55. C.$18.38. SolutionC is correct. The H-mol isV0=(1+gL)+H(gS-gL)r-gL,where = vinNumber of shares = $48/$50 = $0.96gS = Initishort-term vingrowth rate = 20%gL = Normlong-term vingrowth rate = 6%r = 11% + 2% = 13%H = 4/2 = 2(1+gL)r-gL= 0.96(1.06)0.13-0.06 = 14.54H(gS-gL)r-gL = 0.96×2(0.20-0.06)0.13-0.06 = $3.84V0 = $14.54 + $3.84 = $18.38A is incorrect. It uses 2H (insteof H) in the seconpart of the equation.(1 + gL)/(r – gL) = 0.96 × 1.06/(0.13 – 0.06) = $14.54;2H(gS – gL)/(r – gL) = 0.96 × 4(0.20 – 0.06)/(0.13 – 0.06) = $7.68V0 = $14.54 + $7.68 = $22.22B is incorrect. It neglects to multiply the long-term growth rate in the first part of the equation./(r – gL) = 0.96/(0.13 – 0.06) = $13.71;H(gS – gL)/(r – gL) = 0.96 × 2(0.20 – 0.06)/(0.13 – 0.06) = $3.84V0 = $13.71 + $3.84 = $17.55 老师好，本题答案中要求回报率 r = 11% + 2% = 13%我审题时，是按照ROE=120/(800+87.3)+2%=15.52%来计算的。麻烦您帮忙看一下我的解题思路错在哪里1、Jatin sagrees with Alahtab’s preferenfor the Gorn growth mol. 2、Alahtues the capitasset pricing mol (CAPM), he arrives 11% the requirerate of return on the stock.3、问题的题干是Using Jatin’s estimates for growth anrequirereturn on the stock来计算。所以，为什么不是使用ROE来代替要求回报率呢？

2024-04-24 19:47 1 · 回答