2020年CFA考试《CFA二级》章节练习题精选

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、Which of the following statements made by Thomas is correct?【单选题】

A.Statement 1

B.Statement 2

C.Statement 3

正确答案:C

答案解析:C is correct. A dividend discount model is especially useful when dividend policy bears an understandable and consistent relationship to the company’s profitability. The relatively consistent dividend payout ratio suggests Company JZY would be a suitable candidate for a dividend discount model.

2、The capitalization rate of the preferred stock of Standard Company is closest to:【单选题】

A.2.75%.

B.4.96%.

C.5.54%.

正确答案:C

答案解析:C is correct. The value of non-callable fixed-rate perpetual preferred stock is calculated as

3、Using the real required rate of return Bourne obtains from the outside analyst's report and the data in Exhibit 3, Latino Telecom's firm's equity value ($ millions) is closest to:【单选题】

A.1,212.

B.1,386.

C.1,025.

正确答案:B

答案解析:

4、If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?【单选题】

A.3.87%.

B.4.25%.

C.5.30%.

正确答案:A

答案解析:A is correct. If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

5、Based on Exhibit 2, which stock can most appropriately be valued using a three-stage DDM with the second and third stages being treated as an H-model?【单选题】

A.BIOK

B.CCAX

C.HLTV

正确答案:A

答案解析:A is correct because the dividend growth is declining linearly during the second stage of a three-stage DDM used to value BIOK. As noted in the text, a three-stage valuation clearly has an H-model process in the second and third stages. In contrast, abrupt—rather than linearly declining—dividend growth rates are implied for CCAX and HLTV.