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ROOT · 2023年05月05日

请老师帮忙解答一下❤️

  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

为什么Trailing的不能用（1+g）*（1-b）/r-g来计算？d为2.4/6=0.4,b为1-0.4=0.6,带入公式后我算的是（1+8%）*（1-0. 6) /15%-8%得6. 17, 跟答案撞对了，请问老师思路错在哪里？

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已采纳答案

王园圆_品职助教 · 2023年05月05日

同学你好，因为trailing P/E 就是指的普通的Price为分子，E0为分母的P/E ratio

而只有justified trailing P/E才是指的分子为Value，分母为E0，也就是你这里的公式（1+g）*（1-b）/r-g来计算的

没有justified 字眼的所有ratio分子都是Price哦

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