答案和详解如下：

81 Correct answer is A

“Company Analysis and Stock Valuation,” Frank K. Reilly and KeithC. Brown
2008 Modular Level I, Vol. 5, pp. 150-152
Study Session 14-59-a
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
CITC is a growth company because its spread between ROA and WACC is larger than the industry average and its dividend yield is 0% compared to the industry average of 1.2%. CITC’s stock is a growth stock considering its under-valuation. A speculative stock, on the other hand, would be overvalued.

82 Correct answer is C

“Introduction to Price Multiples,” JohnD. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey
2008 Modular Level I, Vol. 5, pp. 211-212
Study Session 14-61-a
discuss the rationales for, and the possible drawbacks to, the use of price to earnings (P/E), price to book value (P/BV), price to sales (P/S), and price to cash flow (P/CF) in equity valuation
The historical cost basis of assets in P/B ratio is a drawback not a rationalization for using it as a measure of relative valuation.

83 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. 180-181, 184
Study Session 14-60-b, f
calculate and interpret the value both of a preferred stock and a
common stock using the dividend discount model (DDM);
describe a process for developing estimated inputs to be used in the DDM, including the required rate of
return and expected growth rate of dividends
V = OFCF1 / (WACC - g) = 5 (1.06) / (0.124 - 0.06) =
82.81

84 Correct answer is A

“An Introduction to Security Valuation: Part II,” Frank K. Reilly and KeithC. Brown
2008 Modular Level I, Vol. 5, pp. 182-185
“Understanding the Cash Flow Statement,” Thomas R. Robinson, Hennie van Greuning, Elaine Henry, and MichaelA. Broihahn
2008 Modular Level I, Vol. 3, pp. 287-288
Study Session 14-60-b, f; 8-34-i
calculate and interpret the value both of a preferred stock and a common stock using the dividend discount model (DDM);
describe a process for developing estimated inputs to be used in the DDM, including the required rate of return and expected growth rate of dividends; explain and calculate free cash flow to the firm, free cash flow to equity, and other cash flow ratios

85 Correct answer is C

“Introduction to Price Multiples,” JohnD. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey
2008 Modular Level I, Vol. 5, pp. 213-215
Study Session 14-61-b
calculate and interpret P/E, P/BV, P/S, and P/CF
BV per share = 4m shares (1.50) + $20 m + $5 m - $10 m = $21 m / 3.5 m sh. = $6.00
Price-to-book value = $21 / $6.00 = 3.50

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