NO.PZ2023032701000057
问题如下：
Palmetto Steel, Inc. (PSI) maintains a dividend payout ratio of 80 percent because of its limited opportunities for expansion. Its return on equity is15 percent. The required rate of return on PSI equity is 12 percent, and its long-term growth rate is 3 percent. Compute the justified P/B based on forecasted fundamentals, consistent with the residual income model and a constant growth rate assumption.
选项：
A.1.33
1.55
C.1.68
解释：
With g = b × ROE = (1 -0.80) (0.15) = (0.20) (0.15) = 0.03,
P/B = (ROE-g)/(r - g)= (0.15 - 0.03)/(0.12 - 0.03)= 0.12/0.09 = 1.33
Or
P/B = 1 + (ROE - r)/(r - g)= 1 + (0.15 - 0.12)/(0.12 - 0.03)= 1.33
为什么分子不用乘以（1+g），计算的是RI1还是RI0?
