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huangme7 · 2024年04月22日

请问

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ202303150300000301

问题如下：

According to the Gordon growth model and the inputs used by Alahtab, CRN's intrinsic value per share as of 20X3 is closest to:

选项：

A.$18.07. B.$33.10. C.$35.78.

解释：

Solution

C is correct. Using the Gordon growth modelV0 = D0 (1 + g)/(r – g).So,

g = b × ROE

b = 1 – Payout ratio = 1 – (48/120) = 0.6

ROE = Net income/Shareholders’ equity = 120/(800 + 87.3) = 13.5

g = 0.6 × 13.5 = 8.1%

D0 = $48 million/50 million shares = $0.96/share

V0 = (0.96 × 1 + 0.081)/(0.11 – 0.081) = $35.78

A is incorrect. It uses payout ratio (instead of retention ratio) to compute g: g = 0.4 × 13.5 = 5.4%; V0 = 0.96 × 1.054/(0.11 – 0.054) = $18.07.

B is incorrect. It uses D0 (instead of D1) in computing V0: V0 = 0.96/(0.11 – 0.081) = $33.10.

D0 = $48 million/50 million shares = $0.96/share

50 million shares 哪里来的？

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1 个答案

王园圆_品职助教 · 2024年04月22日

同学你好，请看以下题目截图红色部分

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NO.PZ202303150300000301 问题如下 Accorng to the Gorn growth mol anthe inputs useAlahtaCRN's intrinsic value per share of 20X3 is closest to: A.$18.07. B.$33.10. C.$35.78. SolutionC is correct. Using the Gorn growth molV0 = (1 + g)/(r – g).So,g = b × ROEb = 1 – Payout ratio = 1 – (48/120) = 0.6ROE = Net income/Shareholrs’ equity = 120/(800 + 87.3) = 13.5g = 0.6 × 13.5 = 8.1% = $48 million/50 million shares = $0.96/shareV0 = (0.96 × 1 + 0.081)/(0.11 – 0.081) = $35.78A is incorrect. It uses payout ratio (insteof retention ratio) to compute g: g = 0.4 × 13.5 = 5.4%; V0 = 0.96 × 1.054/(0.11 – 0.054) = $18.07.B is incorrect. It uses (insteof ) in computing V0: V0 = 0.96/(0.11 – 0.081) = $33.10. 为什么加87.3，不是本年的

2024-03-27 09:59 1 · 回答