NO.PZ2023052407000008
问题如下：
An analyst observes the benchmark Indian NIFTY 50 stock index trading at a forward price-to-earnings ratio of 15. The index’s expected dividend payout ratio in the next year is 50 percent, and the index’s required return is 7.50 percent. If the analyst believes that the NIFTY 50 index dividends will grow at a constant rate of 4.50 percent in the future, which of the following statements is correct?
选项：
A.
The analyst should view the NIFTY 50 as overpriced.
B.
The analyst should view the NIFTY 50 as underpriced.
C.
The analyst should view the NIFTY 50 as fairly priced
解释：
B is correct. Using Equation 24, the previous input results in the following inequality:
The above inequality implies that the analyst should view the NIFTY 50 as priced too low. The fundamental inputs into the equation imply a forward price to earnings ratio of 16.67 rather than 15. An alternative approach to answering the question would be to solve for implied growth using the observed forward price to earnings ratio of 15 and compare this to the analyst’s growth expectations:
Solving for g yields a result of 4.1667 percent. Since the analyst expects higher NIFTY 50 dividend growth of 4.50 percent, the index is viewed as underpriced.
为什么有的时候要除百分号有的时候不用，什么时候除百分号什么时候不除？？？
