NO.PZ2023032701000015
问题如下：
Barton’s manager, George Eckhart, asks her to evaluate the stocks of two companies for possible inclusion in that fund: XRail Company (XRL) and Z-Tarp Limited (ZTL), (see Exhibit 1).
Exhibit 1
Selected Stock Data for XRL and ZTL and Additional Market Information
Barton begins her analysis by looking at XRL. After doing some research, she concludes that a reasonable growth estimate for the company is the sustainable growth rate using the most recent year’s retention ratio, and calculates a price for XRL using this information. She makes the following note:
• it will not be possible to use the Gordon growth model for her analysis of XRL.
Using the data in Exhibit 1, Barton’s note about the use of the Gordon growth model to value XRL is most likely:
选项：
A.
correct because the required return on equity is less than the expected growth rate
B.
incorrect because the sustainable growth rate is greater than the US economy’s growth rate
C.
incorrect because the required return on equity is greater than the US economy’s growth rate
解释：
The Gordon growth model, shown below, cannot be used when r < g.
In this case r = 8.84% and g = 13.84%
Barton’s calculated growth rate based on the sustainable growth rate model is g = b × ROE, where b = 1 – (DPS/EPS)= [1 – (1.77/3.15)] × 0.316 = 0.1384 = 13.84%
The required return on equity is r = RF + βi[E(RM) – RF] = 0.0294 + (0.94 × 0.0628) = 0.0884 = 8.84%
历史数据得到g=14.48%可以吗
