1.A firm has the following characteristics:
§ Current share price $100.00
§ Current earnings $3.50
§ Current dividend $0.75
§ Growth rate 11 percent
§ Required return 13 percent
Based on this information and the Gordon growth model, what is the firm’s justified trailing price to earnings (P/E) ratio?
A) 8.9.
B) 11.9.
C) 11.3.
D) 12.8.
2.A firm has the following characteristics:
§ Current share price $100.00
§ One-year earnings $3.50
§ One-year dividend $0.75
§ Required return 13 percent
§ Justified leading price to earnings 10
Based on the dividend discount model, what is the firm’s assumed growth rate?
A) 8.6%.
B) 10.9%.
C) 11.4%.
D) 12.4%.
3.A firm has the following characteristics:
§ Current share price $100.00
§ Next year's earnings $3.50
§ Next year's dividend $0.75
§ Growth rate 11 percent
§ Required return 13 percent
Based on this information and the Gordon growth model, what is the firm’s justified leading price to earnings (P/E) ratio?
A) 8.7.
B) 11.3.
C) 12.8.
D) 10.7.
答案和详解如下：
1.A firm has the following characteristics:
§ Current share price $100.00
§ Current earnings $3.50
§ Current dividend $0.75
§ Growth rate 11 percent
§ Required return 13 percent
Based on this information and the Gordon growth model, what is the firm’s justified trailing price to earnings (P/E) ratio?
A) 8.9.
B) 11.9.
C) 11.3.
D) 12.8.
The correct answer was B)
The justified trailing P/E is 11.9:
P0 / E0 = [($0.75)(1 + 0.11)/$3.50] / (0.13 – 0.11) = 11.8929
2.A firm has the following characteristics:
§ Current share price $100.00
§ One-year earnings $3.50
§ One-year dividend $0.75
§ Required return 13 percent
§ Justified leading price to earnings 10
Based on the dividend discount model, what is the firm’s assumed growth rate?
A) 8.6%.
B) 10.9%.
C) 11.4%.
D) 12.4%.
The correct answer was B)
The assumed growth rate is 10.9%:
P0 / E1 = ($0.75/$3.50) / (0.13 – g) = 10, g = 10.86%
3.A firm has the following characteristics:
§ Current share price $100.00
§ Next year's earnings $3.50
§ Next year's dividend $0.75
§ Growth rate 11 percent
§ Required return 13 percent
Based on this information and the Gordon growth model, what is the firm’s justified leading price to earnings (P/E) ratio?
A) 8.7.
B) 11.3.
C) 12.8.
D) 10.7.
The correct answer was D)
The justified leading P/E is 10.7:
P0 / E1 = ($0.75 / $3.50) / (0.13 – 0.11) = 10.714
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