NO.PZ2018103102000136
问题如下:
Vivien is analyzing a food delivery company QuickerFood’s justified forward P/E based on the Gordon growth dividend discount model. QuickerFood’s EPS and dividends are shown below.
Vivien estimates that the required rate of return of the company is 12%, and she believes that the company would grow at the rate of 5% in perpetuity.
According to the information above, what is the company’s justified forward P/E?
选项:
A.4.32
B.4.52
C.4.11
解释:
A is correct.
考点:考察基于GGM计算justified forward P/E。
解析:
根据定义Justified forward P/E计算为:
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代入本题数据则:
本题要注意分子使用的是未来第一期的分红;题目中如果给定的是当前时刻的分红,需要给其乘以(1+g),但是本题直接给定了未来第一期的分红即2018年的分红,所以可以直接使用;第二个需要注意的是要求的是Forward P/E分母使用的是E1,是基于下一年的earnings。
如题