张同学2025-05-08 05:30:24

老师，这是官网上的一道题，我想知道的是第二阶段这个2.32怎么理解，就是结合P/B这部分，我看答案里是（1.1-1），这个1是什么，re吗？为什么这么用，怎么理解？Stark asks Parker to evaluate whether the common stock of Company D is undervalued, fairly valued, or overvalued based on a residual income model. Parker uses the two-stage residual income model to value Company D’s share. For her analysis, she assumes the following: Current market price is $24.00. Beginning book value per share is $20.00. Earnings per share will be 32% of beginning book value for the next year. Cash dividends will be 50% of earnings per share for the next year. At the end of the year, the stock's P/B ratio will be 1.1. Required rate of return on equity is 10%。