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兔小兔 · 2021年12月10日

be worth 20 times its earnings per share (trailing P/E of 20).

  1. CFA II
  2. Equity

NO.PZ2018103102000044

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：Valuation Models,Approaches for Calculating the Terminal Value

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.

就说明是 v/E么 ？所以不能p/e*06=12 是这样理解的么

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1 个答案

王园圆_品职助教 · 2021年12月10日

嗨，爱思考的PZer你好：


同学你好，p/e*06=12 这个０６和１２是哪里的呢？

我们现在要求的是value，用P/E求value的话，需要知道earning的值哦～～题目的解析就是通过retention　ratio和dividend的值求出earning哦～～

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