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kevinzhu · 2021年11月27日

XYZ’s actual leading P/E is P0/E1=100.5=20

  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.

XYZ’s actual leading P/E is

P0/E1=100.5=20


首先答案错了应该是P0/E1=100/5=20

再者，100和5是哪里取值？

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王园圆_品职助教 · 2021年11月27日

嗨，从没放弃的小努力你好：


同学你好，请看题目截图

表格第三行，Price＝１０，最后一行　expected　earnings＝０.５

P０／Ｅ１　＝　１０／０．５　＝　２０

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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