2008 CFA Level 1 － Sample 样题(3)－Q51 class, face, following, company, about

3975

51、An analyst gathered the following information about a company:

Return on equity   20.0%

Earnings retention rate  50.0%

Current dividend per share (Do) paid on the company's common stock     

3975

答案和详解如下：

51、Correct answer is D

"An Introduction to Security Valuation: Part II," Frank K. Reilly and Keith C. Brown

2008 Modular Level I, Vol. 5, pp. 196-197, 176-181

Study Session 14-60-e

"Company Analysis and Stock Valuation," Frank K. Reilly and Keith C. Brown

2008 Modular Level I, Vol. 5, pp. 150-152

Study Session 14-59-a

estimate the implied dividend growth rate, given the components of the required return on equity and incorporating the earnings retention rate and current stock price;

differentiate between 1) a growth company and a growth stock, 2) a defensive company and a defensive stock, 3) a cyclical company and a cyclical stock, 4) a speculative company and a speculative stock, and 5) a value stock and a growth stock

Implied dividend growth rate = ROE x RR = 20% x 0.5 = 10%

Intrinsic value of the stock:

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