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。