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:
SolutionA is correct. The justified forward P/E ratio can be determined from Exhibit 1, as follows:
P0/E1 = (1 – b)/(r – g) = 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