Using Jack Aubrey’s estimates in Exhibit 2, and assuming that the company adopts his suggested dividend policy, the company’s 2015 dividends per share will be closest to:
- $3.49.
- $4.17.
- $3.52.
Solution
C is correct. Aubrey is proposing a stable dividend policy—one that reflects long-run expected earnings.
| Adjustment factorAdjustment factor | = | 1Number of years over which adjustment is to occur1Number of years over which adjustment is to occur |
| = | 1/51/5 | |
| = | 0.200.20 |
Expected Dividend: = Last dividend + Increase in earnings × Target payout ratio × Adjustment factor
For 2015, Expected dividend = 3.42 + (8.05 − 6.60) × 0.35 × 0.20 = $3.52.
3.42是上一年分红，8.05是本年利润，6.6是去年利润，0.35是 target payout ratio
以上是官网题目的计算公式，我记得应该是改成了3.42+(8.05*0.35-3.42)*0.2 这两个公式到底哪个是对的？记混了
