CFA一级权益投资练习题(六)——出自高顿财经CFA.doc

CFA一级权益投资练习题(六)出自高顿财经CFACFA一级权益投资练习题，第六部分，共包含了10道考题 1. The last dividend paid on a common stock was $2.00, thegrowth rate is 5% and investors require a 10% return. Using the infinite perioddividend discount model, calculate the value of the stock. A)$42.00. B)$40.00. C)$13.33. 【答案及解析】正确答案：A 解析：2(1.05) / (0.10 - 0.05)= $42.00 2. A firms cost ofequity capital is least accurately described as the: A)ratio of the firmsnet income to its average book value. B)minimum rate of returninvestors require to invest in the firms equity securities. C)expected total returnon the firms equity shares in equilibrium. 【答案及解析】正确答案：A 解析：The ratio of the firmsnet income to its average book value is the firms return on equity, which canbe greater than, equal to, or less than the firms cost of equity. Cost ofequity for a firm can be defined as the expected equilibrium total return inthe market on its equity shares, or as minimum rate of return that investorsrequire as compensation for the risk of the firms equity securities. 3. Baker Computerearned $6.00 per share last year, has a retention ratio of 55%, and a return onequity (ROE) of 20%. Assuming their required rate of return is 15%, how muchwould an investor pay for Baker on the basis of the earnings multiplier model? A)$40.00. B)$173.90. C)$74.93. 【答案及解析】正确答案：C 解析：g = Retention ROE =(0.55) (0.2) = 0.11 P0/E1 = 0.45 / (0.15 ?0.11) = 11.25 Next years earnings E1= E0 (1 + g) = (6.00) (1.11) = $6.66 P0 = 11.25($6.66) =$74.93 4. Assuming a discountrate of 15%, a preferred stock with a perpetual dividend of $10 is valued atapproximately: A)$66.67. B)$1.50. C)$8.70. 【答案及解析】正确答案：A 解析：The formula for thevalue of preferred stock with a perpetual dividend is: D / kp, or 10.0 / 0.15 =$66.67. 5. The price to bookvalue ratio (P/BV) is a helpful valuation technique when examining firms: A)with older assetscompared to those with newer assets. B)that hold primarilyliquid assets. C)with the same stockprices. 【答案及解析】正确答案：B 解析：P/BV analysis works bestfor firms that hold primarily liquid assets. 6. One advantage ofusing price-to-book value (PBV) multiples for stock valuation is that: A most of the time itis close to the market value. B)it is a stable andsimple benchmark for comparison to the market price. C)book value of a firmcan never be negative. 【答案及解析】正确答案：B 解析：Book value provides arelatively stable measure of value that can be compared to the market price.For investors who mistrust the discounted cash flow estimates of value, itprovides a much simpler benchmark for comparison. Book value may or may not becloser to the market value. A firm may have negative book value if it showsaccounting losses consistently. 7. The threat ofsubstitute products is most likely to be low for a firm that: A)produces a commodityproduct in an industry with significant unused capacity. B)operates in afragmented market with little unused capacity. C)produces adifferentiated product with high switching costs. 【答案及解析】正确答案：C 解析：The threat ofcompetition from substitute products is likely to be low for a firm thatproduces a differentiated product with high switching costs. Unused capacityand low industry concentration (a fragmented market) tend to intensify rivalryamong industry competitors but are not directly related to the threat ofsubstitute products. 8. Given thefollowing estimated financial results, value the stock of FishnChips, Inc.,using the infinite period dividend discount model (DDM). Sales of $1,000,000. Earnings of $150,000. Total assets of $800,000. Equity of $400,000. Dividend payout ratio of 60.0%. Average shares outstanding of 75,000. Real risk free interest rate of 4.0%. Expected inflation rate of 3.0%. Expected market return of 13.0%. Stock Beta at 2.1. The per share value ofFishnChips stock is approximately: (Note: Carry calculations out to at least 3decimal places.) A)$26.86. B)Unable to calculatestock value because ke g. C)$17.91. 【答案及解析】正确答案：A 解析：Here, we are given allthe inputs we need. Use the following steps to calculate the value of thestock: First, expand theinfinite period DDM: DDM formula: P0 = D1 /(ke g) D1 = (Earnings Payout ratio) / average number ofshares outstanding= ($150,000 0.60) / 75,000 = $1.20ke = nominal risk free rate + beta (expectedmarket return nominal risk free rate)Note: Nominal risk-free rate = (1 + real risk free rate) (1 +expected inflation) 1= (1.04)(1.03) 1 =0.0712, or 7.12%.ke = 7.12% + 2.1 (13.0% ? 7.12%) = 0.19468g = (retention rate ROE)Retention = (1 Payout) = 1 0.60 = 0.40.ROE =(net income / sales)(sales / total assets)(total assets / equity)= (150,000 / 1,000,000)(1,000,000/ 800,000)(800,000 / 400,000)= 0.375g = 0.375 0.40 = 0.15 Then, calculate: P0 =D1 / (ke g) = $1.20 / (0.19468 ? 0.15) = 26.86. 9. The free cash flowto equity model is best described as a(n): A)single-factor model. B)present value model. C)enterprise valuemodel. 【答案及解析】正确答案：B 解析：The free cash flow toequity model is one type of present value model or discounted cash flow model.It estimates a stocks value as the present value of cash available to commonshareholders. The enterprise value model is an example of a multiplier model. 10. For relativevaluation, a peer group is best described as companies: A)in a similar sectoror industry classification. B)at a similar stageof the industry life cycle. C)with similarbusiness activities and competitive factors. 【答案及解析】正确答案：C 解析：An analyst sh