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落了一地 · 2020年10月07日

关于FCFF FCFE Dividend这三者的g之间的关系

  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.

没太明白，答案这里计算的是Dividend的g，FCFF FCFE Dividend这三者的g之间有什么关系么？为什么说FCFE的g至少是这个数？

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1 个答案

Debrah_品职答疑助手 · 2020年10月08日

同学你好，这里求得是sustainable growth rate，公式g=ROE*b。

FCFF和FCFE模型估值用的也是现金流折现模型DDM，和GGM的g的假设和定义基本一致。

 

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