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wyrw · 2025年06月25日

P/E ratio

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NO.PZ202303150300001003

问题如下:

Compared to the justified forward P/E for Laboutin, Valentine’s predicted P/E regression analysis will produce a P/E multiplier that is:

选项:

A.higher. B.lower. C.the same.

解释:

Solution

A is correct. The justified forward P/E ratio can be determined from Exhibit 1, as follows:

P0/E1 = (1 – b)/(rg) = 0.28/(0.0726 – 0.035) = 7.45

The predicted P/E according to the estimated regression is:

Predicted P/E = 5.65 + (6.25 × DPR) – (0.37 × Beta) + (15.48 × DGR)

= 5.65 + (6.25 × 0.28) – (0.37 × 0.90) + (15.48 × 0.035)

= 7.61

The forward P/E under the regression method is higher than the justified forward P/E ratio.

B is incorrect because if Rm is used instead of R for Laboutin in the justified P/E, it would be lower (0.28)/(0.078 – 0.035) = 6.5.

C is incorrect.

justified forward P/E ratio 、justified trailing P/E ratio;两者中前者是D1,后者是D0吗

1 个答案

王园圆_品职助教 · 2025年06月25日

同学你好,是的,justified forward P/E ratio 使用V0 = D1/(r-g)带入分子的,而后者是用V0=D0*(1+g)/(r-g)带入分子的

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