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/E1)/(r-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/E1)/(r-g)=[(2.4×1.08)/(6×1.08)]/(0.15-0.08) = 5.71
Trailing p/e =forward p/e X (1+g), g大于0，1+g大于1， 所以trailing pe always 大于 forward pe
