NO.PZ2023032701000073
问题如下：
Christie Johnson, CFA, has been assigned to analyze Sundanci. Johnson assumes that Sundanci’s earnings and dividends will grow at a constant rate of 13 percent. Exhibits 1 and 2 provide financial statements for the most recent two years (2007 and 2008) and other information for Sundanci.
Exhibit 1.Sundanci Actual 2007 and 2008 Financial Statements for Fiscal Years Ending 31 May (in Millions exceptPer-ShareData)
Exhibit 2.Selected Financial Information
Based on information in Exhibits 1 and 2 and on Johnson’s assumptions for Sundanci, the justified forward P/Es for this company is:
选项：
A.30
B.25
C.35
解释：
The formula for calculating the justified forward P/E for a stable-growth company is the payout ratio divided by the difference between the required rate of return and the growth rate of dividends. If the P/E is being calculated on trailing earnings (Year 0), the payout ratio is increased by 1 plus the growth rate. According to the 2007 income statement, the payout ratio is 18/60 = 0.30; the 2008 income statement gives the same number (24/80 = 0.30). Thus, P/E based on trailing earnings:
P/E = [Payout ratio × (1 + g)]/(r－g)
= (0.30 × 1.13)/(0.14－0.13) = 33.9
P/E based on next year’s earnings:
P/E = Payout ratio/(r－g)= 0.30/(0.14－0.13) = 30
本题是要求justified forward P/E。李老师的式子如下：
我也是像李老师那样写式子的，D1/E1可以看作是dividend payout ratio，我的疑问是：D1/E1都是expected的数据，那dividend payout ratio就是expected dividend payout ratio，既然是expected，我们为啥要从表格中2007&2008年的历史数据去找预期的数据呢？题干有提示吗？还是dividend payout ratio就是dividend payout ratio，根本没有expected dividend payout ratio这一个东西？
李老师在求dividend payout ratio时，是分别算了2007&2008年的dividend payout ratio，然后说要取平均，而这题是刚好两年的dividend payout ratio都是0.3。我另一个疑问是：为啥给了两年的dividend payout ratio就要取平均？如果给了三年，那是三年的数据都要算出来再取平均吗？如果表格有一栏2009年的数据写着expected earning和expected dividend，那是不是直接用2009年预期的数据来算justified forward P/E会更好？
