以下是引用cfaedu在2007-10-26 9:28:00的发言：
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Q44 C Study Session 14-59-d
The constant growth dividend model and the earnings multiplier model will result in the same value for a share of stock. Using the constant growth model the value is ($3.00)(1.07) or $3.21 divided by the required rate of return minus the growth rate: $3.21/0.08=$40.125. The earnings multiplier is the dividend payout ratio divided by the required rate of return minus the growth rate: 0.6/0.08=7.5. Next year's expected earnings are $5.00(1.07)=$5.35.$3.21/5.35=0.06
how could you directly have the dividend payout ratio?
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发表于 2009-12-6 14:28
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