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NEW QUESTION: 1
Zi Wang is a senior buy-side equity analyst with Shandong Securities. Wang must review the work of several of his junior colleagues before investment recommendations go to the Shandong portfolio managers. One recommendation from a junior analyst is given in Exhibit 1.

This same junior analyst e-mailed Wang, saying "I'm in a meeting and hate to bother you. I don't have my calculator or computer with me. We have a British stock with a current £4.00 dividend that is expected to grow at 40% per year for two years and then forever after at 6%, If we assume a required return of 12%, what is the value of this stock?" in a few minutes, Wang e-mails him back: "The British stock is worth £110.42" The junior analyst sends back a second e-mail. "Thanks. If we can buy this stock for £90, what rate of return would we get? Assume the same dividend pattern as in my first e-mail." Wang replies to the second e-mail: "I used trial and error and found an expected rate of return for the British stock of 12%." One of Shandong's portfolio managers asks Wang to clarify the PVGO (present value of growth opportunities) concept for him. Wang tells him, "PVGO is the part of a stock's total value that comes from future growth opportunities. PVGO is conventionally estimated as the market value per share minus the book value per share." The Shandong portfolio manager quickly follows up with two more requests. He says, "I need a couple of favors. First, could you describe the sustainable growth rate concept for us? We've been arguing about it among ourselves. And, second, could you review some highlighted phrases from a research report we received from one of our investment bankers? We aren't sure that the analyst who wrote this report is very competent." The highlighted phrases are:
Phrase 1: When calculating the justified P/E ratios based on a constant growth model like the Gordon model, the forward P/E should be greater than the trailing P/E.
Phrase 2: A free cash flow approach might be preferable when the company's cash flows differ substantially from dividends or the investor takes a control perspective.
Phrase 3: When the required rate of return increases, the value of a share of stock should decrease even if the stock's dividend has a negative growth rate.
Is Wang's description of PVGO most likely correct?
A. No. PVGO is the difference between the price and the value of. assets in place. The value of assets in place is estimated by dividing dividends per share by the required rate of return.
B. No. PVGO is the difference between the price and the value of assets in place. The value of assets in place is estimated by dividing earnings per share by the required rate of return.
C. Yes.
Answer: B
Explanation:
Explanation/Reference:
Explanation:
PVGO is the part of a stock's total value that comes from future growth opportunities. It is estimated as = /r
+ PVGO, where /r is the no-growth value per share. Note that earnings are divided by r, not dividends. The reason for this is that a no-growth firm should distribute all of its earnings as dividends. (Study Session 11, LOS 40.f)

NEW QUESTION: 2
You have an Azure subscription that contains multiple resource groups. You create an availability set as shown in the following exhibit.

You deploy 10 virtual machines to AS1.
Use the drop-down menus to select the answer choice that completes each statement based on the information presented in the graphic.
NOTE: Each correct selection is worth one point.

Answer:
Explanation:

Explanation:
Box 1: 6
Two out of three update domains would be available, each with at least 3 VMs.
An update domain is a group of VMs and underlying physical hardware that can be rebooted at the same time.
As you create VMs within an availability set, the Azure platform automatically distributes your VMs across these update domains. This approach ensures that at least one instance of your application always remains running as the Azure platform undergoes periodic maintenance.
Box 2: the West Europe region and the RG1 resource group
References:
https://docs.microsoft.com/en-us/azure/virtual-machines/windows/regions-and-availability

NEW QUESTION: 3

A. Option B
B. Option D
C. Option A
D. Option C
E. Option E
Answer: C

NEW QUESTION: 4
Which two statements are true about a job chain? (Choose two.)
A. The jobs in a job chain cannot have more than one dependency.
B. A job of the CHAIN type can be run using event-based or time-based schedules.
C. The jobs in a job chain can be executed only by using the events generated by the Scheduler
D. A job chain can contain a nested chain of jobs.
Answer: B,D
Explanation:
Explanation/Reference:
Explanation:
Defining Chain Steps
After creating a chain object, you define one or more chain steps. Each step can point to one of the following:
A Scheduler program object (program)

Another chain (a nested chain)

An event schedule, inline event, or file watcher

You define a step that points to a program or nested chain by using the DEFINE_CHAIN_STEP procedure.
An example is the following, which adds two steps tomy_chain1: