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Feeling · 2020年11月22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.

因为给出E0、E1和Div payout ratio，我可以直接相乘得到D0和D1。

如果我直接用D0来算，Value=9.27。但如果用D1来算的话，Value就是10了。

请问为甚不能用D0来算？

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maggie_品职助教 · 2020年11月23日

嗨，从没放弃的小努力你好：


同学，这道题让你计算的是justified leading PE，你要注意和trailing pe的区别：

 


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