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、Withers’s sensitivity analysis of Wakuni Corporation should produce a range of sustainable growth estimates between:【单选题】

A.0.0% and 1.2%.

B.7.2% and 12.0%.

C.8.0% and 13.3%.

正确答案:B

答案解析:B is correct because the sustainable growth is the product of the return on equity and the retention ratio. If the payout ratio ranges from 0% to 10%, the percentage of earnings retained by the firm ranges from 100% to 90%.

2、Which sector report best describes a situation in which the Gordon growth model could be used to value utility stocks?【单选题】

A.Report 1

B.Report 2

C.Report 3

正确答案:B

答案解析:B is correct because the Gordon growth model can accurately value companies that are repurchasing shares when the analyst can appropriately adjust the dividend growth rate for the impact of share repurchases.

3、Using Porter’s five forces analysis, which of the following competitive factors is likely to have the greatest impact on Omikroon’s petrol scooter pricing power?【单选题】

A.Rivalry

B.Threat of substitutes

C.Threat of new entrants

正确答案:B

答案解析:B is correct. Inexpensive, small imported motorcycles are substitutes for petrol scooters and may increasingly have an impact on Omikroon’s petrol scooter pricing power.

4、If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:【单选题】

A.US$19.58.

B.US$20.36.

C.US$21.54.

正确答案:C

答案解析:C is correct. The current value of XYZ stock would be calculated as follows:

5、Based on Khan’s estimate of the capitalization rate, Main Company’s preferred stock is:【单选题】

A.undervalued.

B.fairly valued.

C.overvalued.

正确答案:A

答案解析:A is correct. The value of a share of Main Company’s preferred stock is