An analyst is looking at a firm that has the following data: § An historical earnings retention rate of 40% that is projected to continue into the future. § A sustainable ROE of 12%. § The stock's beta is 1.2. § The nominal risk free rate is 6%. § The expected market return is 11%. If the analyst thinks next year's earnings will be $4 per share, what value would they place on this stock? | | |
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The correct answer was A) $33.32. Dividend payout = 1 - earnings retention rate = 1 - .4 = .6 RS = Rf + B(RM - Rf) = .06 + 1.2(.11 - .06) = .12 g = (retention rate)(ROE) = (.4)(.12) = .048 P/E = (div payout rate)/(k - g) = .6/(.12 - .048) = 8.33 Price = (E)(P/E) = (4)(8.33) = 33.32 此题为何不能用p=d/(k-g)求解呢？？？ | 
发表于 2006-10-19 13:09
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