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海伦岛主 · 2020年11月28日

问一道题:NO.PZ201601200500004406

* 问题详情,请 查看题干

问题如下:

Bobby Lee is an equity analyst for the US investment management firm Larocque & Frères. Larocque & Frères has a substantial ownership stake in Skylark Industries, a US-based company that operates in several business segments related to defense.

Lee is reviewing the corporate governance standards at Skylark and how they may affect the firm’s valuation. After extensive conversations with Skylark’s chief financial officer, Doreen Miller, he summarizes the attributes of Skylark’s governance system as:

Attribute 1

Defining the rights of shareholders relative to bondholders, suppliers, customers, and employees.

Attribute 2

Outlining specific responsibilities toward stakeholders that managers and directors must fulfill.

Attribute 3

Separating the roles of chairman and chief executive officer.

Lee is aware that weak corporate governance systems pose risks to the value of investments in the form of accounting risk, asset risk, liability risk, and strategic policy risk. He is considering whether Skylark’s frequent acquisitions and extensive use of operating leases, respectively, represent examples of these risks.

Lee is also interested in determining whether Skylark’s capital structure is optimal. He asks the director of research, "Does the ‘optimal capital structure’ result in the lowest beta, the lowest cost of equity, the highest earnings per share, or the lowest weighted average cost of capital?"

Using various sources, Lee estimates Skylark’s costs of debt and equity for various capital structures, shown in Exhibit 1. Currently, Skylark has a market capitalization of $2 billion of debt and $8 billion of equity. The income tax rate is 36 percent.

During a shareholder conference call, Miller states that the company’s objective is to minimize the weighted average cost of capital. She describes possible corporate actions. Use an amount equal to half of its net income to:

Corporate action 1   initiate a dividend

Corporate action 2   repurchase shares

Corporate action 3   reduce existing debt

After the conference call, Lee decides that Skylark should raise an additional $1 billion of debt and use the proceeds to repurchase common shares.

Lee also thinks that distributing an amount equal to half of its net income as a dividend may change Skylark’s leading P/E. Miller responds, "Skylark’s competitors that pay a dividend appear to benefit from a 100 basis point reduction in cost of equity, regardless of capital structure. I assume Skylark’s cost of equity would decline by the same amount if it initiates a dividend." Lee estimates that Skylark’s long-term earnings and dividend growth rate is 7.0 percent.

Note: Current capital structure (indicated in italics) is $2 billion of debt, $8 billion of equity.


6. Given Skylark’s current capital structure and Miller’s assumption about the dividend’s effect on the cost of equity, initiating a dividend will result in a price-to-earnings multiple closest to:

选项:

A.

16.7.

B.

20.0.

C.

25.0.

解释:

C is correct.

The Gordon growth model can be used to calculate the P/E as the payout ratio divided by the difference between cost of equity and growth. In this case, the payout ratio would be 50%, cost of equity would drop from the current 10% (see table) to 9%, and the growth rate is 7%. The leading P/E is 0.5/(0.09 – 0.07) = 25×.

想问下50% payout rate怎么得到D/E就是50%呢?

题中只说了div是50%的NI,并没有说是50%的equity,也没有给出NI与equity之间的关系,所以无法联系到D/E的计算,是我哪里看漏了吗?

海伦岛主 · 2020年11月28日

老师,不用回答了,我理解错了,谢谢

1 个答案

王琛_品职助教 · 2020年11月29日

- 好的,亲加油!

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相关问题

NO.PZ201601200500004406 20.0. 25.0. C is correct. The Gorn growth mol cuseto calculate the P/E the payout ratio vithe fferenbetween cost of equity angrowth. In this case, the payout ratio woul50%, cost of equity woulop from the current 10% (see table) to 9%, anthe growth rate is 7%. The leang P/E is 0.5/(0.09 – 0.07) = 25×. 9%没看到题干写呀?

2021-11-02 09:08 1 · 回答

NO.PZ201601200500004406 老师好, 我看了大家的提问和之前老师的解答,我其实在做这道题的时候没有想到E应该怎么求。 虽然看到题目上有“\"Skylark’s competitors thpa vinappeto benefit from a 100 basis point rection in cost of equity, regaress of capitstructure. I assume Skylark’s cost of equity woulcline the same amount if it initiates a vin\"”但是我当时对‘a vin这个词比较困惑,难道不管公司结构如何,也不知道vin不是完全一样,然后只要有派息对应的Equity就都是下降一个点? 麻烦老师帮我讲下,谢谢。

2021-07-14 13:20 1 · 回答

20.0. 25.0. C is correct. The Gorn growth mol cuseto calculate the P/E the payout ratio vithe fferenbetween cost of equity angrowth. In this case, the payout ratio woul50%, cost of equity woulop from the current 10% (see table) to 9%, anthe growth rate is 7%. The leang P/E is 0.5/(0.09 – 0.07) = 25×. 这道题的考点是哪里?

2020-10-10 19:29 2 · 回答

请问为什么这道题要求leang p/E而不是trailing的呢?    

2019-02-07 17:51 1 · 回答