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Andy · 2024年04月21日

the justified forward P/E难道不是P0/E1=（1+b）/（Re-g）吗？为什么分子还要乘以（1+g）

  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

 the justified forward P/E难道不是P0/E1=（1+b）/（Re-g）吗？为什么分子还要乘以（1+g）

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王园圆_品职助教 · 2024年04月21日

同学你好， justified forward P/E是用的P0 / E1 没有错

注意，准确的是 （1-b)/(r-g）而不是“+” ——请参考以下讲义截图黄色部分

但是由于本题并没有直接给1-b的信息，解析就是换了个思路计算

P0计算的公式还可以用：P0 = D1/（r-g）。由于本题没有给D1，那就只能用D1= D0*(1+b)来计算D1——这就是本题为什么分子还要乘以（1+g）


或者你也可以通过把D0/E0来求解1-b，本题就是2.4/6 = 0.4 = 1-b 用这个1-b的值带入标准的justified forward P/E的公式也可以计算出答案的



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