CFA论坛 - Powered by Discuz! Board

标题: Reading 45: Residual Income Valuation-LOS m 习题精选 [打印本页]

作者: 土豆妮 时间: 2011-3-21 13:46 标题: [2011]Session 12-Reading 45: Residual Income Valuation-LOS m 习题精选

Session 12: Equity Investments: Valuation Models
Reading 45: Residual Income Valuation

LOS m: Evaluate whether a stock is overvalued, fairly valued, or undervalued by the market based on a residual income model.

An analyst uses the financial statements of Advanced Instruments to generate the following estimates:

Book Value per share = 4.00
Dividend retention ratio = 75%
ROE = 17%

If the required rate of return is 15%, and the current share price is $7.56 per share, the stock (using a single-stage residual income model) is most likely:

A)
undervalued.

B)
overvalued.

C)
correctly valued.

g = retention ratio × ROE = (0.75) × 0.17 = 0.1275 or 12.75%

作者: 土豆妮 时间: 2011-3-21 13:46

Midland Semiconductor has a book value of $10.50 per share. The company’s return on equity is 20%, and its required return on equity is 17%. The dividend payout ratio is 30%. The current share price is $21.00 per share. The shares (relative to a single-stage residual income model) are most likely:

A)
correctly valued.

B)
undervalued.

C)
overvalued.

g = retention ratio × ROE = (0.7) × 0.20 = 0.14 or 14%

作者: 土豆妮 时间: 2011-3-21 13:46

Big Sky Ranches reported the following for the end of its fiscal year:

Book Value = $3.18
ROE=22%
Retention Ratio = 50%
Required Return = 14.1%

The current share price is $11.28 per share. The shares (relative to a single-stage residual income model) are most likely:

A)
correctly valued.

B)
undervalued.

C)
overvalued.

g = retention ratio × ROE = (0.50) × 0.22 = 0.11 or 11.00%

欢迎光临 CFA论坛 (http://forum.theanalystspace.com/)