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aileen20180623 · 2021年11月26日

请问这道题的答案和解析

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000302

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

P0/E1=(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

P0/E1=0.8×(0.07−0.03)=20

XYZ’s actual leading P/E is

P0/E1=100.5=20

Because the justified leading P/E equals the actual leading P/E, the stock is fairly valued.

0.8/（0.7-0.3）=16为什么显示20？

10/0.5=20 ,他俩怎么就”=“成为fair value？


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1 个答案

王园圆_品职助教 · 2021年11月26日

嗨，努力学习的PZer你好：


同学你好，你是不是计算机没按好？0.8/(0.07 -0.03) = 0.8/0.04 =20,口算也是20哦~~要注意计算机有时候会有按错的情况哦~~

既然justified p/e（代表的是内在价值/E1的值）和实际p/e（代表的是市场价格/E1的值）一致，说明Price = Value，所以公司被合理定价

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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