"Equity Investments":The stock’s intrinsic value

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Questions 1:

The following data pertain to a company that can be appropriately valued using the Gordon growth model. The dividend is expected to grow indefinitely at the existing sustainable growth rate.

EPS growth rate （three-year average）	7.50%
Current dividend per share	$3.00
Return on equity	15%
Dividend payout ratio	45%
Investors' required rate of return	16%

The stock’s intrinsic value is closest to:

A. $41.90.

B. $37.94.

C. $34.62.

Questions 2:

Which of the following statements about the forms of market efficiency is least accurate? If the form of market efficiency is:

A. semi-strong, then security prices fully reflect all past market data.

B. weak, then investment strategies based on fundamental analysis could achieve abnormal returns.

C. strong, then prices reflect only private information.

View answer resolution

【Answer to question 1】（A）

【analysis】

微信截图_20200915103616

【Answer to question 2】（C）

【analysis】

If markets are strong-form efficient, prices reflect not only private information but also past market data and public information. If markets are weak-form efficient, investment strategies based on fundamental analysis of public information and past market data could achieve abnormal returns. The semi-strong form of market efficiency also encompasses the weak form. Therefore, security prices reflect not only publicly known and available information but also all past market data.

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