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fishmarket

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tT
发表于 2011-7-13 17:11 | 只看该作者

Fun with growth rates

growth, recent, question, always, through
The equity section sure goes through a heck of a lot of detail on discounting stuff using growth rates:
Dividends, Free Cashflow or Residual Income.


But what growth rates to use?
Doing a recent question I was given EPS growth rate.
Now I think that EPS growth should be the same a intrinsic growth rate (bxROE) given a stable payout ratio and D/E

so my when question is:

are there any time when I must __not__ use the intrinsic growth (=bROE) or do I __always__ need to find it and use it?

Thank you
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tarunajwani

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2#
发表于 2011-7-13 17:11 | 只看该作者
Depends on the information provided. If they give you a growth rate to use, use it. If not, then find it.

NO EXCUSES

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brainsX

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3#
发表于 2011-7-13 17:11 | 只看该作者
Related question :

when is the growth rate for earnings the same as growth rate for dividends ?

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chandsingh

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4#
发表于 2011-7-13 17:11 | 只看该作者
it's pretty much universal..

or implied growth = (P * r - B * ROE)/(P-B)

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comp_sci_kid

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5#
发表于 2011-7-13 17:11 | 只看该作者
my confusion comes from one question where they gave me growth of EPS, and and also gave my the required rate of return. Funny thing was r and g were exactly the same!
"This can't be!" I thought. The denominator will be zero!

The sneaky solutions then go ahead and calculate the intrinsic g which was less than EPS g and with that calumniation the problem becomes much much easier!

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