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KeynesYang · 2020年01月16日

问一道题：NO.PZ201512300100001001

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

1. Which of the following long-term FCFE growth rates is most consistent with the facts and stated policies of Emerald?

选项：

A.

5 percent or lower.

B.

2 percent or higher.

C.

8 percent or higher.

解释：

C is correct.

The sustainable growth rate is return on equity (ROE) multiplied by the retention ratio. ROE is 10 percent, and the retention ratio is 1-Payout ratio, or 1.0- 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth should be at least 8 percent per year in the long term.

C选项里感觉g就是8%，higher这个判断是怎么来的？

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1 个答案

maggie_品职助教 · 2020年01月17日

嗨，爱思考的PZer你好：


这里其实没啥，通常分析师的估计都是比较的保守的，所以会有8%or higher。此外，通过计算的结果来看，只可能选C。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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