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dejiazheng · 2025年06月29日

为什么g不等于ROE乘b?

* 问题详情,请 查看题干

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)]/(rg)

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

问题如上

1 个答案

王园圆_品职助教 · 2025年06月29日

同学你好,exhibit 1里面哪里有给公司的ROE?ROE是return on equity,不是题目中的required return on equity(也就是Re)呢

而且这道题直接就已经给了g = 3.5%也完全不需要自己计算哦

在题目已经给了g的前提下,也没有要求考生要用sustainable growth rate来作为g,同学是不用自己用ROE*b算g的