标题: Asset Valuation（资产估价）相关习题21 [打印本页]
作者: cfaspace 时间: 2006-4-27 14:57 标题: 每天一练：Asset Valuation（资产估价）相关习题21
An analyst is looking at a firm that has the following data:
§ An historical earnings retention rate of 40% that is projected to continue into the future.
§ A sustainable ROE of 12%.
§ The stock's beta is 1.2.
§ The nominal risk free rate is 6%.
§ The expected market return is 11%.
If the analyst thinks next year's earnings will be $4 per share, what value would they place on this stock?
The correct answer was A) $33.32.
Dividend payout = 1 - earnings retention rate = 1 - .4 = .6
RS = Rf + B(RM - Rf) = .06 + 1.2(.11 - .06) = .12
g = (retention rate)(ROE) = (.4)(.12) = .048
P/E = (div payout rate)/(k - g) = .6/(.12 - .048) = 8.33
Price = (E)(P/E) = (4)(8.33) = 33.32
作者: coolcobra 时间: 2006-5-4 18:18
zz
作者: yangdr 时间: 2006-6-1 13:56
a
作者: aqsz 时间: 2006-9-12 15:11
a
作者: hwq70823 时间: 2006-9-30 17:04
b
作者: pippi 时间: 2006-10-7 18:21 标题: 回复：（cfaspace）每天一练：Asset Valuation（资产估...
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作者: wsusan 时间: 2006-10-9 16:53
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作者: li_michael 时间: 2006-10-14 00:37
bu hui
作者: manata 时间: 2006-10-18 23:22
see
作者: xfire 时间: 2006-10-19 12:59
ok
作者: habadog 时间: 2006-10-20 11:08
a
作者: fengzhong 时间: 2006-10-28 20:45
暗暗
作者: alanliu7 时间: 2006-10-30 22:46
a
作者: fansly 时间: 2006-10-31 02:50
c
作者: zyx8318 时间: 2006-11-4 15:36
1
作者: abner_wang 时间: 2006-11-5 23:32
a
作者: caca 时间: 2006-11-20 20:10
dun know
作者: x-stephon 时间: 2007-5-27 23:33
a
作者: 小嘴金鱼 时间: 2007-5-28 12:46
a
作者: sophiajwli 时间: 2007-6-2 17:02
a
作者: vivian1022 时间: 2007-6-7 01:52
d
作者: JoanLiu 时间: 2007-8-7 23:35
a
作者: coolzjh 时间: 2007-8-8 12:48
should be A
作者: jefflee 时间: 2007-8-8 12:57
see see看。
作者: xfh1978 时间: 2007-9-5 16:36
re
作者: seraph 时间: 2007-9-5 16:43
c
作者: zbak47 时间: 2007-9-11 00:04
c
作者: gxing 时间: 2007-9-14 20:55
a[em01]
作者: cathytutu 时间: 2007-9-20 08:29
b
作者: baby-will 时间: 2007-9-20 13:03
C
作者: enjoy 时间: 2007-9-25 11:34
a
作者: 路西菲尔 时间: 2007-9-28 10:59
[em02]
作者: 路西菲尔 时间: 2007-9-28 11:00
a
作者: fionzheng 时间: 2008-4-16 15:39
d
作者: coolguy889 时间: 2008-5-3 21:06
a[em01]
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