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"Equity Investments":Return on equity
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Questions 1:
A group of analysts estimate a security’s mean expected value to be $98.00 with a standard deviation of $0.55. Using a confidence interval of plus or minus two standard deviations and given the security is trading at $97.50, the security appears to be:
A、 undervalued.
B、 fairy valued.
C、 overvalued.
Questions 2:
A company has initiated the process of selling unproductive land, representing 5% of its total assets, and using the proceeds to buy back its common shares. Holding other factors constant, these actions by the company will most likelyresult in a:
A、 lower sustainable growth.
B、 higher return on equity.
C、 higher operating margin.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. The confidence interval of the security is between $96.90 ($98 – 2 × $0.55) and $99.10 ($98 + 2 × $0.55). The security price of $97.50 is within the confidence interval so it is fairly valued.
A is incorrect. The confidence interval of the security is between $96.90 ($98 – 2 × $0.55) and $99.10 ($98 + 2 × $0.55). The security price of $97.50 is within the confidence interval so it is fairly valued.
C is incorrect. The confidence interval of the security is between $96.90 ($98 – 2 × $0.55) and $99.10 ($98 + 2 × $0.55). The security price of $97.50 is within the confidence interval so it is fairly valued.
【Answer to question 2】B
【analysis】
B is correct. Share buyback reduces equity, holding other factors (e.g., earnings) constant, thus return on equity will be higher.
C is incorrect. Selling unproductive land will not impact the operating profit and, holding sales constant, there would be no effect on operating margin.
A is incorrect. With higher ROE, holding the retention ratio constant, the sustainable growth would be higher, not lower.
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