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immaculate · 2022年02月25日

这是哪个知识点 有点忘记 

  1. CFA II
  2. Equity

NO.PZ2018103102000044

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. Instead of using the two-stage DDM, Jacques wants to use his estimate that 4 years later PZ’s stock will be worth 20 times its earnings per share (trailing P/E of 20). She expects that the earnings retention ratio and the dividend at that time will be 0.6 and $ 0.3461 respectively. What is the terminal value of the stock based on this approach?

选项：

A.

$32.8.

B.

$20.1.

C.

$17.3.

解释：

C is correct.

考点：Valuation Models,Approaches for Calculating the Terminal Value

解析：C是正确的。题干已知V4/E4=20、D4/E4=1-0.60=0.40、D4=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3.

有没有对应的讲义？课件。
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2 个答案

王园圆_品职助教 · 2022年02月26日

嗨，努力学习的PZer你好：


同学你好，这道题用一级学的PE相关的知识就可以解决的哦

我这里只是把二级和trailing PE相关的知识点截图给到同学，可是不知道这个知识点的话，也不影响本题记得解题哦~~

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加油吧，让我们一起遇见更好的自己！

王园圆_品职助教 · 2022年02月25日

嗨，努力学习的PZer你好：


同学你好，这就是基础的PEratio的计算，只是需要使用retention ratio计算一下当时的earning而已哦~~

具体trailing PE ratio的概念请见以下讲义截图

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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！

immaculate · 2022年02月26日

还没学到。。。

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NO.PZ2018103102000044 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. Insteof using the two-stage M, Jacques wants to use his estimate th4 years later PZ’s stowill worth 20 times its earnings per share (trailing P/E of 20). She expects ththe earnings retention ratio anthe vinthtime will 0.6 an$ 0.3461 respectively. Whis the terminvalue of the stobaseon this approach? $32.8. $20.1. $17.3. C is correct.考点Valuation Mols,Approaches for Calculating the TerminValue解析C是正确的。题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3. 题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3.V/E is P/EE - whis this?anthen whis vin0.4...I can't follow the logic in this question anwhere the formulcome from?

2023-09-19 03:47 1 · 回答

NO.PZ2018103102000044 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. Insteof using the two-stage M, Jacques wants to use his estimate th4 years later PZ’s stowill worth 20 times its earnings per share (trailing P/E of 20). She expects ththe earnings retention ratio anthe vinthtime will 0.6 an$ 0.3461 respectively. Whis the terminvalue of the stobaseon this approach? $32.8. $20.1. $17.3. C is correct.考点Valuation Mols,Approaches for Calculating the TerminValue解析C是正确的。题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3. 如题

2023-03-06 17:22 1 · 回答

NO.PZ2018103102000044 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. Insteof using the two-stage M, Jacques wants to use his estimate th4 years later PZ’s stowill worth 20 times its earnings per share (trailing P/E of 20). She expects ththe earnings retention ratio anthe vinthtime will 0.6 an$ 0.3461 respectively. Whis the terminvalue of the stobaseon this approach? $32.8. $20.1. $17.3. C is correct.考点Valuation Mols,Approaches for Calculating the TerminValue解析C是正确的。题干已知V4/E4=20、/E4=1-0.60=0.40、=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3. 20 times its earnings per share (trailing P/E of 20).

2022-05-26 21:49 1 · 回答

NO.PZ2018103102000044 就说明是 v/E么 ？所以不能p/e*06=12 是这样理解的么

2021-12-10 09:49 1 · 回答