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苏·Xu · 2023年03月14日

问

  1. CFA I
  2. Equity

NO.PZ2022061307000082

问题如下：

Question

An analyst gathered the following information about a company:


Which of the following statements best describes the company’s price-to-earnings ratio (P/E)? Compared to the company’s trailing P/E ratio, the justified forward P/E ratio based on the Gordon growth dividend discount model is:

选项：

A.the same. B.higher. C.lower.

解释：

Solution

C is correct.

Trailing P/E ratio = Current stock priceCurrent earnings per share=356 = 5.83

P/E ratio based on the Gordon growth dividend discount model

= D1/E1r/g=(2.4×1.08)/(6×1.08)0.15/0.08 = 5.71

A is incorrect. P/E ratio based on the Gordon growth dividend discount model is greater than trailing P/E ratio.

B is incorrect. It uses earnings for next year to calculate the trailing P/E ratio.

Trailing P/E ratio = Current stock priceCurrent earnings per share=356×1.08 = 5.40

P/E ratio based on the Gordon growth dividend discount model

= D1/E1r/g=(2.4×1.08)/(6×1.08)0.15/0.08 = 5.71

这道题不需要计算吧，可以根据公式直接得出来？

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1 个答案

王园圆_品职助教 · 2023年03月14日

嗨，努力学习的PZer你好：


同学你好，不是的哦.本题求得不是justified trailing P/E和justified forward P/E的对比，而是trailing P/E和justified forward P/E的对比

trailing P/E是指用公司现在的实际数据：P0和E0计算

而justified forward P/E 是用公司的value和预期增长率计算 = (1-b)/(r-g) = (D1/E1)/(r-g)

还是要计算才能得出最稳妥的结果哦

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