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Ingrid · 2020年06月07日

问一道题：NO.PZ201512300100000806 第6小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

6. If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?

选项：

A.

3.87%.

B.

4.25%.

C.

5.30%.

解释：

A is correct.

If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

请问这一题，当P0=V0，Fairly Valued，E(r)=R(e)=CG yield + Div yield这个等式成立吗？成立的话，已知Re=11.15%，Div yield用0.59/8.42，算出来CG yield不对呢？
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2 个答案

韩韩_品职助教 · 2021年08月11日

嗨，从没放弃的小努力你好：


呼呼嘿嘿同学你好，计算div yield的时候，不是用D0/P0， 我们是要站在现在的时间点看div yield，D0已经是过去发生过的，我们要看的还是接下来的D1对应现在price，能带来多少收益。

因为我们都是给股票未来估值，只有明确说trailling的时候，我们才会去计算trailling multiples, 也就是D0/P0， 或者EPS0/P0等等。大多数情况下，都是看未来的。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

maggie_品职助教 · 2020年06月08日

嗨，努力学习的PZer你好：


注意Div yield等于D1/P0=0.59(1.0387)/8.42=0.07278.


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努力的时光都是限量版，加油！


坏呼呼嘿嘿 · 2021年08月05日

为什么不用D0/P0,同一时间点的数据算出来的比率应该才是匹配的吧。这个怎么理解

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