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Katherine · 2024年03月27日

题目说了去年的分红是0.59,算D1(明年的分红)应该是0.59*1.053的平方才对吧?

NO.PZ2023032701000014

问题如下:

Rae is Using GGM to value Tasty Foods.

Rae notes that the EPS of the company has been increasing at an average rate of 4.48 percent per year. The dividend payout ratio has remained fairly stable of 50%, and an average ROE of 10.6%.

Rae uses the CAPM to compute the return on equity. He uses the annual yield of 4 percent on the 10-year Treasury bond as the risk-free return. He estimates the expected US equity risk premium, with the S&P 500 Index used as a proxy for the market, to be 6.5 percent per year. The estimated beta of Tasty Foods against the S&P 500 Index is 1.10.

The stock’s current price is $8.42

Last year dividend per share is 0.59$/S.

Rae considers a security trading within a band of ±10 percent of his estimate of intrinsic value to be within a “fair value range.” By that criterion, the stock of Tasty Foods is:

选项:

A.

undervalued

B.

fairly valued

C.

Overvalued

解释:

G=ROE*b=10.6%*50%=5.3%

Using CAPM to estimate required rate of return=0.04 + 1.10(0.065) = 0.1115 or 11.15 percent.

Using the Gordon Growth Model,

Rae’s estimate of the intrinsic value is $10.62. So, the band Rae is looking at is $10.62 ± 0.10($10.62), which runs from $10.62 + $1.06 = $11.68 on the upside to $10.62 -$1.06 = $9.56 on the downside. Because $8.42 is below $9.56, Rae would consider Tasty Foods to be undervalued.

题目说了去年的分红是0.59,算D1(明年的分红)应该是0.59*1.053的平方才对吧?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年03月27日

同学你好,首先,从来没有一道题目的D1是用题目给的条件乘以(1+g)^2来计算的

其次,题目的意思,去年的分红已知的时候,那说明现在这个0时刻,是在今年的年初,要预测的是今年年末的D1,所以依然只需要用D0乘以(1+g)计算D1即可

从逻辑上讲,题目也不可能要我们用(1+g)^2来计算D1,因为投资者必然是能够知道最近一期的分红,并且只需要预测未来一年的分红作为D1的,不可能需要预测2年

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