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徐威廉 · 2020年06月01日

问一道题：NO.PZ201710200100000301 第1小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

1. Based on the Gordon growth model, the justified leading P/E for ABC stock is closest to:

选项：

A.

17.1.

B.

17.7.

C.

20.0.

解释：

A is correct.

The justified leading P/E is calculated as

P0E1=(1−b)(r−g)

where b is the retention ratio, 1 – b is the dividend payout ratio, r is the discount rate, and g is the long-term growth rate.

ABC’s dividend payout rate, 1 – b, is given as 0.60. For Company ABC, the justified leading P/E is

P0E1=(1−b)(r−g)=0.60(0.07−0.0035)≈17.1

div payout ratio为什么用未来的60%而不用最近的70%
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maggie_品职助教 · 2020年06月02日

嗨，爱思考的PZer你好：


注意这道题让我们计算的是领先的市盈率指标。分母除的是E1, D1/E1是未来年度的分红比率。


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努力的时光都是限量版，加油！


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2024-06-10 15:28 1 · 回答

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2023-03-27 11:22 1 · 回答

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

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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

2020-06-04 15:00 1 · 回答