Asset Valuation（资产估价）相关习题30 face, border, following

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Assume the following information for a stock:

Beta coefficient	= 1.50
Risk-free rate	= 6 percent
Expected rate of return on market	= 14 percent
Dividend payout ratio	= 30 percent
Expected dividend growth rate	= 11 percent

Using a dividend discount model approach, the normalized price earnings ratio is:

A) 4.29.

B) 10.00

C) 3.33.

D) 5.56.

The correct answer was A) 4.29.

P/E = D/E₁ / (k - g)

D/E₁ = Dividend payout ratio =0 .3

g =0 .11

k = 6 + (1.5)(14 -6)

= 6 + (1.5)(8)

= 6 + 12

= 18%

P/E = .3 / (0.18 - 0.11) = 0.3/0.07 = 4.29

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