Enjoy · 2024年11月04日
An investor gathers the following data
To estimate the stock’s justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., Year 1 – Year 4).
If the investor uses 11.5% as her required rate of return, the stock’s justified forward P/E is closest to:
A
10.
B
不正确12.
C
21.
王园圆_品职助教 · 2024年11月04日
同学你好，题目说要用第1年到第4年的EPS的coupon annual growth rate计算，所以就是2.5*（1+g)^3 = 3.2
所以g=8.5767%
然后b要用 the average of the payout ratios over the relevant period (i.e., Year 1 – Year 4)计算
第一年b = (2.5-1.6)/2.5 = 0.36
第二年b = (2.44-1.71)/2.44 = 0.299
第三年b = (3.6-1.8)/3.6 =0.5
第四年b = (3.2-1.92)/3.2 = 0.4
所以4年平均一下就是 0.39
justified forward P/E= （1-b)/(r-g） = （1-0.39）/ （0.115-0.0858）=20.89 =21
