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、What is the terminal value of the stock based on the second approach (earnings multiple)?【单选题】

A.C$12.12.

B.C$28.29.

C.C$33.09.

正确答案:B

答案解析:B is correct.

2、The metric used by Fromm to assess Omikroon’s performance takes into account:【单选题】

A.degree of financial leverage.

B.operating liabilities relative to operating assets.

C.competitiveness relative to companies in other tax regimes.

正确答案:B

答案解析:B is correct. Return on invested capital is net operating profit minus adjusted taxes divided by invested capital, where invested capital is defined as operating assets minus operating liabilities.

3、Based on Exhibit 4 and Intern 1’s analysis, Xavier Corporation’s sustainable dividend payout ratio is closest to:【单选题】

A.43.4%.

B.44.6%.

C.56.6%.

正确答案:C

答案解析:C is correct because it is based on the sustainable growth rate and the required rate of return:

4、Based on its justified leading P/E and the Gordon growth model, XYZ stock is:【单选题】

A.undervalued.

B.fairly valued.

C.overvalued.

正确答案:B

答案解析:B is correct. The justified leading P/E is calculated as

5、Based on the third approach (the H-model), the stock is:【单选题】

A.undervalued.

B.fairly valued.

C.overvalued.

正确答案:C

答案解析:C is correct. Using the H-model