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sarasara · 2020年02月27日

问一道题:NO.PZ2015122802000176 [ CFA I ]

问题如下:

An analyst has gathered the following information for the Oudin Corporation:

Expected earnings per share = 5.70

Expected dividends per share = 2.70

Dividends are expected to grow at 2.75 percent per year indefinitely

The required rate of return is 8.35 percent

Based on the information provided, the price/earnings multiple for Oudin is closest to:

选项:

A.

5.7.

B.

8.5.

C.

9.4.

解释:

B is correct.

P0E1=D1E1rg=2.7/5.70.08350.0275=8.5\frac{{\text{P}}_\text{0}}{{\text{E}}_1}=\frac{\frac{D_1}{E_1}}{r-g}=\frac{2.7/5.7}{0.0835-0.0275}=8.5

为什么expected dividend 就是D1呢?

1 个答案

maggie_品职助教 · 2020年02月28日

嗨,爱思考的PZer你好:


我们估值是对未来股票的一系列现金流进行预测并把它们折现到零时刻。expected dividend代表的就是未来的股息,我们预测也是从1时刻开始,因此它等于D1。零时刻的股息是不需要预测的。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!


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NO.PZ2015122802000176问题如下 analyst hgatherethe following information for the Oun Corporation:Expecteearnings per share = €5.70Expectevin per share = €2.70vin are expecteto grow 2.75 percent per yeinfinitelyThe requirerate of return is 8.35 percentBaseon the information provi the leang price/earnings multiple for Oun is closest to: A.5.7.B.8.5.C.9.4. B is correct.P0E1=E1r−g=2.7/5.70.0835−0.0275=8.5\frac{{\text{P}}_\text{0}}{{\text{E}}_1}=\frac{\frac{1}{E_1}}{r-g}=\frac{2.7/5.7}{0.0835-0.0275}=8.5E1​P0​​=r−gE1​​​​=0.0835−0.02752.7/5.7​=8.5考点PriMultiple Approach这道题解析的计算过程已经很详细了,不再赘述。 这是我的推理方式 不知道对不对

2022-11-19 01:15 1 · 回答

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2022-04-10 22:31 1 · 回答

请问是不是因为这里的2.7是expecte的,所以它直接就是了?

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