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EmilyZhou · 2024年06月04日

这道题解题思路是什么?

NO.PZ2023080903000039

问题如下:

An investment analyst is observing the current valuation of the Indian SENSEX 50 stock index, which is trading with a forward price-to-earnings ratio of 15. The index is projected to have a dividend payout ratio of 40 percent for the upcoming year, and investors require a return of 8.25 percent. Given the analyst's estimation that the SENSEX 50's dividends will increase consistently at a rate of 5.20 percent in the future, which of the following conclusions is accurate?

选项:

A.

The SENSEX 50 is likely overpriced.

B.

The SENSEX 50 is likely underpriced.

C.

The SENSEX 50 is likely fairly priced.

解释:

15=0.4/(0.0825-g) g=0.0558>0.052

这道题解题思路是什么?

1 个答案

品职助教_七七 · 2024年06月05日

嗨,从没放弃的小努力你好:


1)将题干给出的r=8.25%,g=5.20%代入GGM模型,可知P=D1 / r-g = D1 /3.05%;

2)此时无法继续,但知道题干给出“dividend payout ratio of 40 percent for the upcoming year”,即D1/E1=40%。所以将步骤1中等式两侧同时除以E1,得到 P/E1=(D1/E1) /3.05%=40/3.05=13.1148。这就是根据模型所得到的合理的forward PE值。

由此可知,根据“analyst's estimation”的合理的forward PE值为13.11,低于了目前市场上的forward PE值(...is trading with a forward price-to-earnings ratio of 15)。

PE为相对价格。这就说明市场上现在的价格高于了合理的值,即价格高估。选择A选项。

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