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NO.PZ201710200100000107

问题如下：

7. Based on the relationship between the implied growth rate and the sustainable growth rate, Peters’ team should conclude that Company JZY’s stock price is most likely:

选项：

undervalued.

fairly valued.

overvalued.

解释：

C is correct.

The sustainable growth rate of JZY stock = g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s implied growth rate of 5.3% is higher than the sustainable growth rate of 4.9%. Consequently, the stock is overvalued—that is, the intrinsic value of the stock will be less than its current market price. The current intrinsic value of JZY stock is as follows:

V₀ = [D₀(1 + g)]/(r – g)

= [0.84 (1.0490)]/(0.08 – 0.0490)

= US$28.42 < US$32.76.

老师 5.3%这个条件是用不到是吗

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1 个答案

韩韩_品职助教 · 2021年07月12日

嗨，努力学习的PZer你好：

同学您好：

这个条件是用得到的，只不过这个题目有两种方法可以判断是否高估。解答给出的方法，是直接根据ROE和b，计算出g，然后带入直接计算出来估值，然后去跟现在的股价去对比，看看是否高估。而另外一种方法就是根据当前股价（32.76元/股）反映的implied g（5.3%）和计算出来的sustainable growth rate （4.9%）直接对比，判断是否高估，其实本题实际上是想让我们用后面一种方法判断。

判断思路是：当前股价是32.76元，如果这个价格合理的，没有高估，那你的sustainable growth rate要达到5.3%（implied g），才能支持当前的股价处于合理估值，但现在我们实际的g，计算出来只有4.9%，小于implied g，所以股价是高估的。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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NO.PZ201710200100000107问题如下7. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, Peters’ teshoulconclu thCompany JZY’s stopriis most likely:A.unrvalueB.fairly valueC.overvalueC is correct. The sustainable growth rate of JZY sto= g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s impliegrowth rate of 5.3% is higher ththe sustainable growth rate of 4.9%. Consequently, the stois overvaluethis, the intrinsic value of the stowill less thits current market price. The current intrinsic value of JZY stois follows:V0 = [(1 + g)]/(r – g)= [0.84 (1.0490)]/(0.08 – 0.0490)= US$28.42 US$32.76.如何根据b和推导g？

2024-09-28 22:31 1 · 回答

NO.PZ201710200100000107 问题如下 7. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, Peters’ teshoulconclu thCompany JZY’s stopriis most likely: A.unrvalue B.fairly value C.overvalue C is correct. The sustainable growth rate of JZY sto= g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s impliegrowth rate of 5.3% is higher ththe sustainable growth rate of 4.9%. Consequently, the stois overvaluethis, the intrinsic value of the stowill less thits current market price. The current intrinsic value of JZY stois follows:V0 = [(1 + g)]/(r – g)= [0.84 (1.0490)]/(0.08 – 0.0490)= US$28.42 US$32.76. 怎么判断哪个g才是implieg？（李老师上课讲过，implieg相当于是用公式反推出来的g，用它跟expecteg对比，如果implieg更大，说明高估），那这题该如何判断呢？

2023-06-14 22:41 1 · 回答

NO.PZ201710200100000107 比如这道题，implieg更大（市场的更大，价格更大），所以高估，对吧？

2022-02-09 15:34 1 · 回答

Over the past 10 years, the company’s return on equity (ROE) haverage8.17% anits payout ratio haverage40%. 请问为从哪里可以看出，用过去10年的平均数据计算的g就是sustainable growth rate？

2020-04-06 21:36 1 · 回答

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