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Rex · 2019年03月03日

问一道题:NO.PZ2018103102000078 [ CFA II ]

问题如下图:这道题可以算出g=3.4%后 算得v=15.67得出答案吗 下面的答案解析看不懂

选项:

A.

B.

C.

解释:

1 个答案
已采纳答案

吴昊_品职助教 · 2019年03月04日

你这么算是可以的,题目让我们比较两个增长率的大小,和你比较v和p的大小,两个方法都可以来判断股票是高估还是低估。加油~

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NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24,r = 10%, = 1代入,求得g = 5.6%由于内含增长率大于可持续增长率,所以股票价格被高估。可以用sustainable g算出合理定价下的v,然后再和p进行比较吗?sustainable g=roe*b=3.4%,所以合理定价下的V=/(re—g)=1(1+3.4%)/(10%—3.4%)=15.67,小于p=24,故高估可以这样吗

2023-03-04 12:51 1 · 回答

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24,r = 10%, = 1代入,求得g = 5.6%由于内含增长率大于可持续增长率,所以股票价格被高估。题目中显示最近的股利都是1,这个代表v0还是v1?这句话感觉可以引申成v都是1

2022-07-31 10:54 1 · 回答

NO.PZ2018103102000078问题如下Company M with a requirerate of return of 10%. The company shares are currently selling for $24 per share anhave paia vinof $1 per share for the most recent year. The company’s ROE is 8.5% anits payout ratio is 60%. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, whiof the following statements is correct?A.The stopriis fairly valueB.The stopriis unrvalueC.The stopriis overvalueC is correct.考点ImplievinGrowth Rate解析Sustainable growth rate = Retention ratio × ROE = 0.4 × 8.5% = 3.4%根据公式P0=×(1+g)r−gP_0=\frac{0\times\left(1+g\right)}{r-g}P0​=r−g​×(1+g)​,计算impliegrowth rate将P0 = 24,r = 10%, = 1代入,求得g = 5.6%由于内含增长率大于可持续增长率,所以股票价格被高估。请问为什么sustainable g是可以看做是市场预期的增长率呢

2022-05-24 15:25 1 · 回答

1.1/24+g=0.1 g=0.05833,不等于0.56吧? 2.sustainable /或者expecte都是期望的代言词,不是implie吧? 3.那是否有其他描绘expecte或者sustainable的词汇?

2019-11-10 22:01 1 · 回答

    implieg 和 sustainable g 的区别是?计算我知道,但不怎么会比较这2个g

2019-10-16 00:13 1 · 回答