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Pina · 2020年12月21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.

老师好这题从leadingPE来看是fairlypriced,但从GGM来看好像是overvaled.能帮我看一下用GGM来算哪里算错了？V=0.32*1.03/(0.07-0.03)=8.24<10.这里的0.32是0.8*0.45=D0。谢谢。

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1 个答案

Debrah_品职答疑助手 · 2020年12月22日

同学你好，g是dividend的增速，而不是Earning的（E1≠E0*g），所以要用expected earning*dividend payout ratio。正确的做法是：

根据GGM，V=D1/(r-g)=0.5*80%/（7%-3%)=10=P

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