CFA论坛 - Powered by Discuz! Board

标题: Reading 40: Discounted Dividend Valuation-LOS o, (Part 2) 习 [打印本页]

作者: 土豆妮 时间: 2010-4-19 11:42 标题: [2010]Session 11-Reading 40: Discounted Dividend Valuation-LOS o, (Part 2) 习

Session 11: Equity Valuation: Industry and Company Analysis in a Global Context
Reading 40: Discounted Dividend Valuation

LOS o, (Part 2): Demonstrate the use of the DuPont analysis of return on equity in conjunction with the sustainable growth rate expression.

If a firm has a return on equity of 15%, a current dividend of $1.00, and a sustainable growth rate of 9%, what are the firm’s current earnings?

A)
$1.50.

B)
$1.75.

C)
$2.50.

The earnings can be determined by solving for earnings in the sustainable growth formula:

9% = [1 ? ($1 / $Earnings)] × 0.15 or $1 / 0.4 = $Earnings = $2.50

作者: 土豆妮 时间: 2010-4-19 11:45

Supergro has current dividends of $1, current earnings of $3, and a sustainable growth rate of 10%. What is Supergro’s return on equity?

A)
12%.

B)
15%.

C)
20%.

The ROE for Supergro can be determined by solving for ROE in the sustainable growth formula:

ROE = 10% / [1 – ($1/$3)] = 15%

作者: 土豆妮 时间: 2010-4-19 11:47

If Cantel, Inc., has current earnings of $17, dividends of $3.50, and a sustainable growth rate of 11%, what is its return on equity (ROE)?

A)
13.85%.

B)
17.64%.

C)
11.91%.

Cantel’s ROE is 13.85%:

ROE = 11% / [1 – ($3.50/$17.00)] = 13.85%

欢迎光临 CFA论坛 (http://forum.theanalystspace.com/)