[CFA level 1模拟真题]Version 2 Questions－Q43 border, following, company, face, class

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Q43. An analyst gathered the following information about a company:

Net profit margin	5.0%
Total asset turnover	2.0
Fimnciai leverage (total assets/equity)	2.5
Beta for the company Stock	1.5
Expected rate of return as the market index	10.0%
Risk-free rate of return	5.0%

The analysis. expects the information above accurately reflect the future, If the company wants to achieve a growth rate of 15% without changing its capital structure or issuing never equity, the maximum dividend payout ratio far the company would be closest to:

A. 0.0%

B. 12.5%

C. 40,0%

D. 60.0%

答案和详解如下：

Q43.  C    Study Session h4-59.f

The growth rate for the company is a function of the return on equity (ROE) and the retention ram. The retention rate is 1-the dividend payout ratio. The ROE for the company is (5.0%)(2.0)(2.5)=25%. The retention rate must be 60 % to achieve a growth of 15%. If the retention rate is 60%, the maximum dividend payout ratio is 40%.

vivian1022

c

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denker5781

>

jungle1009

see

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see

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c

ondesert

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47dx

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hollow

c