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Alex · 2024年04月17日

这道题可否定性判断？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000209

问题如下：

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项：

A.

underpriced.

B.

fairly priced.

C.

overpriced.

解释：

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D1 = 2.000 × (1.048)1 = 2.096

D2 = 2.000 × (1.048)2 = 2.197

D3 = 2.000 × (1.048)3 = 2.302

D4 = 2.000 × (1.048)4 = 2.413

D5 = 2.000 × (1.048)4 × 1.04 = 2.510

Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.078−0.04 ) (1+0.078) 4 =USD56.372

根据D/P=2/52=3.8%

而稳定期都有4%，就是说以市场价格投资能获得至少4%-3.8%=1.2%收益，所以现在价格低估了

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王园圆_品职助教 · 2024年04月17日

同学你好，你的这个方法无论老师还是原版书都是没有用过的，助教不建议你使用哦

一般这类题目还是算一个确切的value比较谨慎

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