trailing P/E和forward P/E

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NO.PZ202303150300001002

问题如下：

Using Valentine’s data in Exhibit 1, Laboutin’s justified trailing P/E is closest to:

选项：

A.7.7. B.7.4. C.19.8.

解释：

Solution

A is correct. The justified (fundamental) trailing P/E is:

P₀/E₀ = [(1 – b) × (1 + g)]/(r – g)

where

(1 – b) = dividend payout ratio = 28%

r = the required rate of return on Laboutin’s equity = 7.26%

g = the long run expected dividend growth rate = 3.5%

P₀/E₀ = (0.28 × 1.035)/(0.0726 – 0.035) = 0.2898/0.0376 = 7.71

B is incorrect. It determines the forward P/E, i.e., P₀/E1.

P₀/E₁ = (0.28)/(0.0726 – 0.035) = 0.28/0.0376 = 7.44

C is incorrect. It took the dividend payout ratio as 0.72 (not 0.28).

P₀/E₀ = (0.72 × 1.035)/(0.0726 – 0.035) = 0.7452/0.0376 = 19.82

为什么trailing P/E公式中需要乘以1+g,而forward P/E不需要，这里面隐含的逻辑是什么？

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1 个答案

王园圆_品职助教 · 2025年05月22日

同学你好，因为justified trailing P/E的trailing是指分母用的是E0也就是现在的EPS，而justified forward P/E的分母则是用的E１也就是预测的ＥＰＳ。用的EPS不同就构成了这两个公式的本质差异

而因为justified trailing P/E分母用了E0，那分子也需要用P0=D0*(1+g)/(r-g)来和E0匹配，D0/E0才能代表当期的分红比率

而justified forward P/E分母用了E1，分子自然也要给用P0 =D1/（r-g)来做匹配哦

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NO.PZ202303150300001002 问题如下 Using Valentine’s ta in Exhibit 1, Laboutin’s justifietrailing P/E is closest to: A.7.7. B.7.4. C.19.8. SolutionA is correct. The justifie(funmental) trailing P/E is:P0/E0 = [(1 – × (1 + g)]/(r – g)where (1 – = vinpayout ratio = 28%r = the requirerate of return on Laboutin’s equity = 7.26%g = the long run expectevingrowth rate = 3.5%P0/E0 = (0.28 × 1.035)/(0.0726 – 0.035) = 0.2898/0.0376 = 7.71B is incorrect. It termines the forwarP/E, i.e., P0/E1.P0/E1 = (0.28)/(0.0726 – 0.035) = 0.28/0.0376 = 7.44C is incorrect. It took the vinpayout ratio 0.72 (not 0.28).P0/E0 = (0.72 × 1.035)/(0.0726 – 0.035) = 0.7452/0.0376 = 19.82 问题如上

2025-06-29 09:05 1 · 回答