标题: [CFA level 1模拟真题]Version 4 Questions－Q44 [打印本页]
作者: cfaedu 时间: 2007-10-26 09:06 标题: [2007 CFA level 1模拟真题]Version 4 Questions－Q44
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 |
作者: cfaedu 时间: 2007-10-26 09:28
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
作者: LEEFEI571 时间: 2007-10-26 20:01
D
作者: 水模样 时间: 2007-10-27 21:06
b
作者: jungle1009 时间: 2007-11-2 16:38
see[em01]
作者: denker5781 时间: 2007-11-2 16:41
b
作者: 47dx 时间: 2007-11-2 23:49
sese
作者: vivian1022 时间: 2007-11-3 00:31
k
作者: xiaom 时间: 2007-11-3 08:17
e
作者: fantasy_ln 时间: 2007-11-3 12:38
see
作者: technet 时间: 2007-11-13 22:35
d
作者: ondesert 时间: 2007-11-14 05:37
d
作者: stonede 时间: 2007-11-16 18:08
kk
作者: Linda_SCB 时间: 2007-11-17 20:03
c
作者: irismay 时间: 2007-11-18 11:17
thanks
作者: 一只船 时间: 2007-11-20 13:06 标题: e
e
作者: roger88 时间: 2007-11-21 00:43
d
作者: jw06td 时间: 2007-11-21 02:48
ri
作者: nijiu 时间: 2007-11-21 16:14
look
作者: oftendie 时间: 2007-11-22 17:50
x
作者: BeyondCFA 时间: 2007-11-24 10:11
en
作者: chasergl 时间: 2007-11-28 11:26
k
作者: mecca 时间: 2007-11-28 17:27
zz
作者: cghui 时间: 2007-11-29 09:58
d
作者: jimmysfu 时间: 2007-11-30 19:10
gg
作者: ericwm 时间: 2007-11-30 20:43
thx
作者: bigdice 时间: 2007-11-30 22:44
d
作者: zaz007y 时间: 2007-11-30 23:16
nb
作者: whmanutd 时间: 2007-12-1 00:59
d
作者: wingwing84 时间: 2007-12-1 02:47
?
作者: shelbyyue 时间: 2007-12-1 03:02 标题: 回复：（cfaedu）[2007 CFA level 1模拟真题]Version ...
vv
作者: adagl 时间: 2007-12-1 07:43
c
作者: pwmho 时间: 2007-12-10 18:44
TY
作者: deanleon 时间: 2008-3-14 16:38
see
作者: hichris 时间: 2008-4-6 10:19
d
作者: lucylu 时间: 2008-4-9 15:04
3x
作者: road234 时间: 2008-4-10 14:53
c
作者: lee_ruc 时间: 2008-4-10 23:14
f
作者: bettyzj 时间: 2008-4-10 23:27
[em01]
作者: paipaipai 时间: 2008-4-11 11:56
ok
作者: chenqishou 时间: 2008-4-11 13:35
a
作者: wj_cathy 时间: 2008-4-11 19:51
s
作者: liten333 时间: 2008-4-16 16:40
12
作者: clover 时间: 2008-6-3 10:59
??
作者: terrysun 时间: 2008-6-3 21:26
cc
作者: oleander 时间: 2008-6-3 23:51
d
作者: samsam519 时间: 2008-6-4 05:07
[em02]
作者: elea0930 时间: 2008-11-5 20:12
d
作者: snowchild30 时间: 2009-5-6 18:18
好
作者: percy 时间: 2009-5-7 14:11
3
作者: wingnz 时间: 2009-12-6 14:28
thx
作者: cxling9638 时间: 2009-12-16 17:45
x
作者: zuelpich 时间: 2009-12-23 21:16
How could you get the D/E ratio of 0.6?
[此贴子已经被作者于2009-12-23 21:29:49编辑过]
作者: zuelpich 时间: 2009-12-23 21:34
以下是引用cfaedu在2007-10-26 9:28:00的发言：
答案和详解如下：
以下内容只有回复后才可以浏览
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
how could you directly have the dividend payout ratio?
作者: karenyuan1227 时间: 2009-12-24 14:01
看
作者: xxjj564 时间: 2011-3-7 07:44
a
| 欢迎光临 CFA论坛 (http://forum.theanalystspace.com/) |
Powered by Discuz! 7.2 |