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aileen20180623 · 2020年02月11日

问一道题：NO.PZ201710200100000302

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

2. Based on its justified leading P/E and the Gordon growth model, XYZ stock is:

选项：

A.

undervalued.

B.

fairly valued

C.

overvalued.

解释：

B is correct.

The justified leading P/E is calculated as

P0E1=(1−b)(r−g)

where b is the retention ratio, 1 – b is the dividend payout ratio, r is the discount rate, and g is the long-term growth rate.

The justified leading P/E is

P0E1=0.8(0.07−0.03)=20

XYZ’s actual leading P/E is

P0E1=100.5=20

Because the justified leading P/E equals the actual leading P/E, the stock is fairly valued.

justified P/E和GGM model，如果两个差距大，以哪个为标准对比另一个？

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1 个答案

maggie_品职助教 · 2020年02月13日

注意我们这里是justified P/E和actual P/E 作对比哦，而justified P/E就是基于GGM公式推出来的，这俩是一回儿事儿。

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