开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

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？

添加评论
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。

  • 1

    回答

  • 0

    关注

  • 360

    浏览
相关问题

NO.PZ201710200100000302 问题如下 2. Baseon its justifieleang P/E anthe Gorn growth mol, XYZ stois: A.unrvalue B.fairly value C.overvalue B is correct.The justifieleang P/E is calculateasP0/E1=(1−b)(r−g)where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate.The justifieleang P/E isP0/E1=0.8/(0.07−0.03)=20XYZ’s actuleang P/E isP0/E1=10/0.5=20Because the justifieleang P/E equals the actuleang P/E, the stois fairly value P0=0.8 这个数据哪里来的啊

2024-07-15 17:18 1 · 回答

NO.PZ201710200100000302 问题如下 2. Baseon its justifieleang P/E anthe Gorn growth mol, XYZ stois: A.unrvalue B.fairly value C.overvalue B is correct.The justifieleang P/E is calculateasP0/E1=(1−b)(r−g)where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate.The justifieleang P/E isP0/E1=0.8×(0.07−0.03)=20XYZ’s actuleang P/E isP0/E1=100.5=20Because the justifieleang P/E equals the actuleang P/E, the stois fairly value 老师你好【第一个疑问】题干说baseon justifieleang P/E anthe GGM。但justifieleang P/E不就是用GGM推导出来的(1-b)/(r-g)吗，为啥题干把它说的像是两个不同的leang P/E呢？而且解析里面提到actuleang P/E，意思是GGM涉及到的是actuleang P/E而不是justifieleang P/E？【第二个疑问】把数字代入(1-b)/(r-g)，我可以算出正确答案；但我把下面这些数字代进去(1+g)/E1(r-g)，算不出正确答案，我是代入错误的数字，还是哪里理解错了？ = current yeearning 0.45 x vinpayout ratio 80% = 0.36(1+g) = 1.03E1 = 0.5(r-g) = 0.04

2023-01-28 18:06 2 · 回答

NO.PZ201710200100000302问题如下2. Baseon its justifieleang P/E anthe Gorn growth mol, XYZ stois: A.unrvalue B.fairly value C.overvalue B is correct.The justifieleang P/E is calculateasP0/E1=(1−b)(r−g)where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate.The justifieleang P/E isP0/E1=0.8×(0.07−0.03)=20XYZ’s actuleang P/E isP0/E1=100.5=20Because the justifieleang P/E equals the actuleang P/E, the stois fairly value 如果justifieleang PE ＞ actuleang P/E，是unrvalue，请下原因

2022-03-13 23:13 1 · 回答

NO.PZ201710200100000302 XYZ’s actuleang P/E is P0/E1=100.5=20 首先答案错了应该是P0/E1=100/5=20 再者，100和5是哪里取值？

2021-11-27 12:18 1 · 回答

NO.PZ201710200100000302 0.8/（0.7-0.3）=16为什么显示20？ 10/0.5=20 ,他俩怎么就”=“成为fair value？

2021-11-26 00:10 1 · 回答