答案和详解如下： 1.Industrial Light is expected to have earnings per share (EPS) of $5.00 per share in five years, a dividend per share of $2.50, a cost of equity of 12 percent, and a long-term expected growth rate of 5 percent. What is the terminal trailing price-to-earnings (P/E) ratio in five years? A) 7.50. B) 7.14. C) 3.75. D) 15.00. The correct answer was A) P5/E5 = (0.50 × 1.05) / (0.12 – 0.05) = 7.50 2.A common price to earnings (P/E) based method for estimating terminal value in multi-stage models is the: A) fundamentals approach. B) dividend yield approach. C) P/E to growth (PEG) approach. D) earnings yield approach. The correct answer was A) It is common to restate the Gordon growth model price as a multiple of expected future book value per share or earnings per share (EPS). 3.Precision Tools is expected to have earnings per share (EPS) of $5.00 per share in five years, a dividend per share of $2.00, a cost of equity of 12 percent, and a long-term expected growth rate of 5 percent. What is the terminal trailing price-to-earnings (P/E) ratio in five years? A) 7.14. B) 9.00. C) 6.00. D) 15.00. The correct answer was C) P5/E5 = (0.40 × 1.05) / (0.12 – 0.05) = 6.00 | 
发表于 2008-5-20 18:29
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