"Equity Investments Market Efficiency":stock intrinsic value
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Questions 1:
Given the following information for a company:
● Market value per share $250
● Current dividend per share $5
● Dividend growth rate 4%
● Required rate of return 6%
and using the Gordon growth model to estimate the intrinsic value, a share of the company is best described as being:
A 、fairly valued.
B、 overvalued.
C、 undervalued.
Questions 2:
Industry analysis is least useful to those who are engaged in:
A、 a top-down investment approach.
B 、indexing and passive investing strategies.
C、 portfolio performance attribution.
C is correct. The intrinsic value of an equity security based on the Gordon growth model is estimated as follows:
B is correct. Indexing and passive investing strategies would not engage in over- or underweighting of industries, industry rotation, or timing investments in industries. Therefore, industry analysis is not useful to such investors or portfolio managers.
A is incorrect. In a top-down investing approach, industry analysis is useful to identify industries with positive, neutral, or negative outlooks for profitability and growth, which will then help weighting of industries relative to the benchmark.
C is incorrect. Portfolio performance attribution, which addresses the sources of a portfolio’s returns, usually in relation to the portfolio’s benchmark, includes industry or sector selection
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