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Darlene · 2024年05月14日

为什么不用30.79*（1-10%）=27.71 对比的25.62？

  1. CFA II
  2. Equity

NO.PZ2018103102000039

问题如下：

Steve is considering adding TMT Inc. in his portfolio. One of his colleagues Alan who also interested in TMT believes that the stock’s current market price of $30.79 is the fair value of the stock. However, Steve considers a security trading within a band of ±10 percent of his estimate of intrinsic value to be within a -fair value range.- Given the company’s current intrinsic value is $25.62, Steve believes the stock of TMT Inc. is most likely:

选项：

A.

undervalued.

B.

fairly valued.

C.

Overvalued.

解释：

C is correct.

考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate

解析：C是正确的。Steve对内在价值的估计是25.62美元。那么TMT Inc.的合理区间为25.62±2.56美元,从25.62美元+ 2.56美元= 28.18美元到25.62美元 – 2.56美元=23.06美元。因为$30.79高于$28.18,所以Steve会认为TMT当前的股价是被高估了。

为什么不用30.79*（1-10%）=27.71 对比的25.62？

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1 个答案

王园圆_品职助教 · 2024年05月14日

同学你好，题目明确说的是“ Steve considers a security trading within a band of ±10 percent of his estimate of intrinsic value to be within a -fair value range”

也就是按照题目要求，必须用value的正负10%的范围来和现行的Price比较才可以

从数学上来看， 一个数乘以（1+10%）和变大的这个数乘以（1-10%）也是完全不同的概念，这是不可以等同的

譬如100*1.1 = 110 ，但110*0.9 = 99而不是100了

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