2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Equity Valuation (2)5道练习题，附答案解析，供您备考练习。

1、The most appropriate response to Wright’s question about the technological development is to:【单选题】

A.increase the required return.

B.decrease the price-to-earnings multiple.

C.decrease the perpetual growth rate.

正确答案:B

答案解析:B is correct. If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple is used to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development may have an adverse impact on Archway beyond the forecast horizon.

2、Which of the following models is most appropriate for valuing HLTV?【单选题】

A.H-model

B.Three-stage DDM

C.Gordon growth model

正确答案:B

答案解析:B is correct because HLTV is forecast to have three growth stages: the growth phase (2 years at 27%), the transition phase (10 years at 12%), and the mature phase. Because the earnings growth has three stages and the dividend payout ratio is stable, a three-stage DDM is appropriate.

3、Marchand and Palmeiro’s modeling approach can be best described as:【单选题】

A.bottom-up.

B.hybrid.

C.top-down.

正确答案:B

答案解析:B is correct. The analysts base their sales forecasts on economic factors, including GDP growth, which is a top-down approach. They also base their projections on an analysis of the company’s historical sales and expense data, which is a bottom-up approach. Thus, by using a combination of top-down and bottom-up approaches, Marchand and Palmeiro are using a hybrid approach.

4、Using the data in Exhibit 3, Withers can estimate the sustainable growth of the Wakuni Corporation as being closest to:【单选题】

A.10.66%.

B.11.04%.

C.14.05%.

正确答案:A

答案解析:A is correct, based on the use of average total assets and beginning-of-year shareholders’ equity.

5、Based on the analysts’ sales and expense forecasts and the data in Exhibit 1, their forecasted net profit for Darwin in 2016 will be closest to:【单选题】

A.€861 million.

B.€853 million.

C.€827 million.

正确答案:C

答案解析:A is correct.