[CFA level 1模拟真题]Version 4 Questions－Q44 face, company, return, common, level

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Q44. Current dividend per share (D0) paid on the company common stock    $3.00

Required rate of return on the company common stock               15.0%

Expected constant growth rate in earnings and dividends              7.0%

The value of a share of the company's stock and the leading price/earnings (P/E) ratio, respectively, are closest to:

	Value of stock	Leading P/E ratio
A	$37.50	7.5
B	$37.50	8.0
C	$40.13	7.5
D	$40.13	8.0

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答案和详解如下：

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

LEEFEI571

D

水模样

b

jungle1009

see[em01]

denker5781

b

47dx

sese

vivian1022

k

xiaom

e

fantasy_ln

see