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15010315101 · 2024年05月03日

计算这题的公式和讲义麻烦贴出来？

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000029

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

A is correct. The estimated dividend per share is US$0.68.

Previous DPS = US$0.60

Expected EPS = US$4

Target payout ratio = 0.25

Five-year adjustment factor = 1/5 = 0.2

Expected dividend = Previous dividend + (Expected earnings × Target payout ratio − Previous dividend) × Adjustment factor

= US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2]

= US$0.60 + US$0.08

= US$0.68

计算这题的公式和讲义麻烦贴出来？

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1 个答案

王琛_品职助教 · 2024年05月06日

嗨，努力学习的PZer你好：


本题考查的是 Stable Dividend Policy

请参考基础班讲义墨迹版 P47-49 的原理和例题

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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