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Cherry9520 · 2020年08月26日

问一道题：NO.PZ2018103102000044

  1. CFA II
  2. Equity

问题如下：

Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. Instead of using the two-stage DDM, Jacques wants to use his estimate that 4 years later PZ’s stock will be worth 20 times its earnings per share (trailing P/E of 20). She expects that the earnings retention ratio and the dividend at that time will be 0.6 and $ 0.3461 respectively. What is the terminal value of the stock based on this approach?

选项：

A.

$32.8.

B.

$20.1.

C.

$17.3.

解释：

C is correct.

考点：Intro，P/E

解析：C是正确的。题干已知V4/E4=20、D4/E4=1-0.60=0.40、D4=0.3461。所以E4=0.3461/0.40 = 0.8652. V4 = 20(0.8652) = $17.3.

dividend retention ratio 是什么？

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1 个答案

韩韩_品职助教 · 2020年08月27日

嗨，爱思考的PZer你好：


同学你好，是earnings retention ratio吧？是留存率，也就是业绩当中多少留存到公司内部用于再投资，剩余部分会发放股利。


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2022-02-25 20:44 2 · 回答

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