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
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。