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ax · 2024年06月27日

Technology - defensive or cyclical industry

NO.PZ2024022701000222

问题如下:

The Gordon growth model is most appropriate for valuing the equity of a dividend-paying:

选项:

A.electric utility firm. B.technology company. C.automobile manufacturer.

解释:

Solution
  1. Correct because of its assumption of a constant growth rate, the Gordon growth model is particularly appropriate for valuing the equity of dividend-paying companies that are relatively insensitive to the business cycle and in a mature growth phase. Examples might include an electric utility.

  2. Incorrect because a technology firm is a cyclical company whose earnings are sensitive to the business cycle. Examples of cyclical industries are autos, housing, basic materials, industrials, and technology. Because of its assumption of a constant growth rate, the Gordon growth model is particularly appropriate for valuing the equity of dividend-paying companies that are relatively insensitive to the business cycle and in a mature growth phase.

  3. Incorrect because an automobile manufacturer is a cyclical company whose earnings are sensitive to the business cycle. Examples of cyclical industries are autos, housing, basic materials, industrials, and technology. Because of its assumption of a constant growth rate, the Gordon growth model is particularly appropriate for valuing the equity of dividend-paying companies that are relatively insensitive to the business cycle and in a mature growth phase.

Equity Valuation: Concepts and Basic Tools

老师好 -


请问CFA 到底认为 technology 是cyclical indsutry 还是defensive industry 谢谢

在第五章里似乎说是defensive, 但是在这道题里说cyclical



1 个答案

王园圆_品职助教 · 2024年06月27日

同学你好,助教查找了原版书相关内容,technology在原版书也是被定义为defensive的,跟你截图的这道题是完全一样的表述

本题应该解析这里写错了

因为technology虽然是defensive的行业(可以抵御经济周期的影响),但是其实由于长期处在高速增长阶段,所以公司的留存收益都应该拿去扩大生产了, 理论上就不会用来分红,而GGM是需要有稳定的分红作为估值基础的,显然是不适用technology行业的

这个题目助教会跟教研组反映一下,看是否有需要修改的地方

谢谢同学提醒

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