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Pina · 2021年11月23日

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NO.PZ201710200100000209

问题如下:

9. Based on Exhibit 4, Intern 2 should conclude that the Xavier stock is:

选项:

A.

underpriced.

B.

fairly priced.

C.

overpriced.

解释:

A is correct. Intern 2 values Xavier stock at USD 56.372 per share, which is higher than the current price of USD 52.

D1 = 2.000 × (1.048)1 = 2.096

D2 = 2.000 × (1.048)2 = 2.197

D3 = 2.000 × (1.048)3 = 2.302

D4 = 2.000 × (1.048)4 = 2.413

D5 = 2.000 × (1.048)4 × 1.04 = 2.510

Value per share = 2.096 (1+0.078) 1 + 2.197 (1+0.078) 2 + 2.302 (1+0.078) 3 + 2.413+ 2.510 ( 0.0780.04 ) (1+0.078) 4 =USD56.372

老师好 这里intern 2's stock value  56.372  是算出来的不是给的是吗? 这题可不可以 比较growth rate 来做, 虽然做出来和答案不同? 就是 g= ROE *b =0.078* (1 – 2/52) = 0.075 = 7.5% 这也就是implied growth rate (由市场价反推出来的g , 也就是合格线?)  现在intern 2 算出的 g rates 4.8%, 4% 都小于 7.5%,。 所以是overpriced. 谢谢。

1 个答案

王园圆_品职助教 · 2021年11月23日

嗨,努力学习的PZer你好:


同学你好,不可以哦~~g = ROE *b是sustainable growth rate而不是implied growth rate哦~~

implied growth rate = re -D1/P0哦~~

这两个公式完全不同哦~~

另外,书上教我们的判断价格被高估还是低估的唯一办法,就是计算出value和市场价进行比较哦~~这是没有办法用别的计算替代的呢~~

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努力的时光都是限量版,加油!

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