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发表于 2010-4-19 11:34 | 只看该作者

Reading 40: Discounted Dividend Valuation-LOS o, (Part 1) 习

growth, div, center, company, interpret
Session 11: Equity Valuation: Industry and Company Analysis in a Global Context
Reading 40: Discounted Dividend Valuation

LOS o, (Part 1): Define, calculate, and interpret the sustainable growth rate of a company and explain the calculation’s underlying assumptions.

 

 

 

Supergro has current dividends of $1, current earnings of $3, and a return on equity of 16%, what is its sustainable growth rate?

A)
 12.2%.
B)
 10.7%.
C)
 8.9%.


 

g = (1 – 1/3)(0.16) = 0.107

[此贴子已经被作者于2010-4-19 11:37:58编辑过]

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土豆妮

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2#
发表于 2010-4-19 11:35 | 只看该作者

Dynamite, Inc., has current earnings of $26, current dividend of $2, and a returned on equity of 18%. What is its sustainable growth?

A)
 14.99%.
B)
 13.37%.
C)
 16.62%.


g = [1 ? ($2 / $26)]0.18 = 16.62%

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土豆妮

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3#
发表于 2010-4-19 11:35 | 只看该作者

In computing the sustainable growth rate of a firm, the earnings retention rate is equal to:

A)
 1 ? (dividends / earnings).
B)
 Dividends / required rate of return.
C)
 1 ? (dividends / assets).


Earnings retention rate = 1 ? (dividends / earnings).

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土豆妮

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4#
发表于 2010-4-19 11:35 | 只看该作者

The sustainable growth rate, g, equals:

A)
 pretax margin divided by working capital.
B)
 dividend payout rate times the return on assets.
C)
 earnings retention rate times the return on equity.


The formula for sustainable growth is: g = b × ROE, where g = sustainable growth, b = the earnings retention rate, and ROE equals return on equity.

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土豆妮

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5#
发表于 2010-4-19 11:36 | 只看该作者

Sustainable growth is the rate that earnings can grow:

A)
 without additional purchase of equipment.
B)
 indefinitely without altering the firm's capital structure.
C)
 with the current assets.


Sustainable growth is the rate of earnings growth that can be maintained indefinitely without the addition of new equity capital.

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6#
发表于 2010-4-19 11:36 | 只看该作者

GreenGrow, Inc., has current dividends of $2.00, current earnings of $4.00 and a return on equity of 16%. What is GreenGrow’s sustainable growth rate?

A)
 9%.
B)
 8%.
C)
 6%.


GreenGrow’s sustainable growth rate is 8%.

g = [1 – ($2/$4)](0.16) = 8%

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