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大河菌 · 2019年12月16日

问一道题:NO.PZ2018103102000092

问题如下:

Matt wants to use the Gordon growth model to find a justified leading P/E for the Company M. He has assembled the information in the given table.

Based on the justified leading P/E and the actual leadingP/E, determine whether the stock is fairly valued, overvalued, or undervalued?

选项:

A.

Overvalued.

B.

Fairly valued.

C.

Undervalued.

解释:

B is correct.

考点:Gordon Growth Model

解析:

Actual leading P/E = 37.6/1.88 = 20

两者相等,所以股票被正确定价。

justified forward p/e 公式:(D1/E1)/(r-g)=(1-b)/(r-g)

题目中明确给出了预期的earning和dividend growth rate,用这个算出来的DPR是30.02%,最终算出来的PE也会比用current算出来的数值要高一些,但是看答案却不是这样算,而是直接用30%作为DPR来计算,然后再和actual的PE比较,所以感觉答案有问题,请老师解答,谢谢。

1 个答案

maggie_品职助教 · 2019年12月18日

你的想法很好哈,不过通常题目给你数据就可以直接用,表格里并没有设定30%是D0/E0。此外,小数点后两位的差别通常是混略不计的。

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