1.

Heather Callaway, CFA, quan tm v tnh chnh xc trong phn nh gi ca

mnh v Crimson Gate, mt cng ty cung thit b vin thng pht trin mnh c
cng ty c nh gi l ng u danh sch nn mua. Crimson hin ang giao dch vi
gi $134 cho mi c phiu, v Callaway thu thp c nhng thng tin sau v c
phiu:
C tc va tr cho mi c phiu
$0.55
T l tng trng 2 nm ti
30%
T l tng trng sau 2 nm
12%
Ch s P/E 4 qu trc
25.6%
n by ti chnh
3.4
Doanh thu
$11.98 mi c phiu
Vng quay ti sn
11.2
Li sut th trng c tnh
13.2%
ng ch ca Callaway, Bates Investments, mun s dng t l tng trng bn vng ca
cng ty lm yu t u vo ch yu t c li sut yu cu ca c phiu cng ty
ny.
T l tng trng bn vng ca Crimson gn nht vi:
A. 13.2%
B. 14.8%
C. 16.6%
2. Cho c tc hin thi ca mt cng ty l $2.00, tng trng d bo l 7%, gim
dn trong 3 nm sau , ti mc n nh 5%,v gi tr hin ti ca c phiu cng ty l
$45, tnh li sut theo yu cu?
A. 7.8%
B. 10.5%
C. 9.8%
3. Gi s li sut yu cu vn ch s hu l 10%, c tc va tr l $1.00 v c
tc k vng c tng trng mc 6% mi mi. Tnh gi k vng vo cui
nm 2?
A. $29.78
B. $28.09
C. $27.07
4. Stan Bellton, CFA, ang chun b bo co v TWR, Inc. Ngi gim st ca
Bellton yu cu Bellton tnh c ch s P/E 4 qu trc hp l, da trn nhng
thng tin sau:
EPS hin ti = $3.50
T l chi tr c tc = 0.60
Li sut yu cu cho TRW = 0.15
T l tng trng c tc c nh k vng = 0.05

Ch s P/E 4 qu trc hp l ca TWR th gn nht vi:

A. 6.3
B. 4.0
C. 6.0
5. Jand, Inc., hin ang tr c tc $1.22, c tc k vng c tng trng mc
5%. Nu gi tr hin ti ca c phiu ca Jand da trn m hnh Gordon l
$32.03, tnh li sut yu cu?
A. 9%
B. 8%
C. 7%
p n:
1. B) 14.8%.
Tc tng trng bn vng = ROE x t l li nhun gi li
Thu nhp trn mi c phiu EPS = gi / (P/E) = $134 / 25.6 = $5.23
T l li nhun gi li l khon li nhun khng tr vo c tc = (5.23 0.55) /
5.23 = 0.89 hay 89%
ROE = li nhun bin vng quay ti sn n by ti chnh
ROE = 5.23 / 11.98 11.2 3.4 = 16.6%
Tc tng trng bn vng = 89% 16.6% = 14.8%
2. C
Li sut yu cu l 9.8%.
r = ($2/$45) [(1 + 0.05) + (3/2)(0.07 0.05)] + 0.05 = 0.0980
V m hnh H l mt m hnh c tnh gn ng, nn c th tnh r mt cch trc tip m
khng cn s dng php lp.
3. A
Gi tr cui l $29.78, v l gi m mt nh u t sn sng tr cui nm th
2. Cu tr li c th hin trong bng sau:
Nm
C tc
1
$1.0600
2
$1.1236
3
$1.1910
V3:
4. A

$1.191/(0.10 0.06) = $29.78

T l chi tr c tc (1 b) l 0.60, v th t l li nhun gi li (b) l 0.4.

5. A
Li sut yu cu l 9%: r = [$1.22(1 + 0.05) / $32.03] + 0.05 = 0.09 or 9%.