问一道题：NO.PZ201710200100000301

NO.PZ201710200100000301 问题如下 BJL Financiprovis clients with professioninvestment management services thare tailoreto the specific nee of eaclient. The firm’s portfolio manager, Angelique Kwazhcallea meeting with the senior analyst, Samira Khan, to scuss the quarterly rebalancing of three client portfolios. The valuation mol usein the analyses is the scountevinmol.· Client 1 ha portfolio with significant exposure to vinpaying stocks.· Client 2 is interestein inclung preferrestoin the portfolio.· Client 3 ha growth-orienteequity-only portfolio.Khhintifietwo utilities (AanXYZ) for possible inclusion in Client 1’s portfolio, shown in Exhibit 1. She uses a scount rate of 7% for both common stocksKwaza asks Khto investigate the most appropriate mols for valuing utility companies. She tells Khabout the following points mentionein various researreports on the utilities sector.· Report 1: A resurgenin mestic manufacturing activity will generate longterm growth in earnings anvin thexcee the cost of equity.· Report 2: Share repurchases are expecteto increase. The report expresses confinin the forecasts regarng the magnitu antiming of these repurchases.· Report 3: The report forecasts earnings growth of 4.5%. The key growth ivers are increases in population anbusiness creation associatewith stable G growth of 2.75%.For Client 2’s portfolio, Khhintifiethe non-callable perpetupreferrestocks of StanrCompany anMain Company. The · StanrCompany’s preferrestopays 2.75% on a pvalue of $100. Khbelieves it to fairly valuea market priof $49.60.· The perpetupreferrestoof Main Company ha pvalue of $50 per share anpays annuvinof 5.5%. Khestimates a capitalization rate 6%. The current market priof Main Company preferrestois $42.· Finally, Khhintifiethree stocks, shown in Exhibit 2, likely cantes for Client 3’s portfolio.1. Baseon the Gorn growth mol, the justifieleang P/E for Astois closest to: A.17.1. B.17.7. C.20.0. A is correct.The justifieleang P/E is calculateasP0/E1=(1−b)/(r−g)where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate.ABC’s vinpayout rate, 1 – is given 0.60. For Company ABthe justifieleang P/E isP0/E1=(1−b)(r−g)=0.60/(0.07−0.035)≈17.1

NO.PZ201710200100000301 问题如下 1. Baseon the Gorn growth mol, the justifieleang P/E for Astois closest to: A.17.1. B.17.7. C.20.0. A is correct.The justifieleang P/E is calculateasP0/E1=(1−b)/(r−g)where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate.ABC’s vinpayout rate, 1 – is given 0.60. For Company ABthe justifieleang P/E isP0/E1=(1−b)(r−g)=0.60/(0.07−0.035)≈17.1 分子是不是用 0.7*（1+3.5%）？

NO.PZ201710200100000301 老师好， 我上完李老师的reang27的基础课没有听到关于leang P/E和trailing P/E的公式是什么，请问基础课有讲吗？ 如果没有，请问老师有什么记忆方法吗？谢谢

建议改正应该是0.07-0.035, 答案写成了0.0035 P0E1=(1−b)(r−g)=0.60(0.07−0.0035)≈17.1

17.7. 20.0. A is correct. The justifieleang P/E is calculateP0E1=(1−b)(r−g) where b is the retention ratio, 1 – b is the vinpayout ratio, r is the scount rate, ang is the long-term growth rate. ABC’s vinpayout rate, 1 – is given 0.60. For Company ABthe justifieleang P/E is P0E1=(1−b)(r−g)=0.60(0.07−0.0035)≈17.1 v payout ratio为什么用未来的60%而不用最近的70%