6．A firm has a payout ratio of 35 percent, a return on equity (ROE) of 18 percent, an estimated growth rate of 13 percent, and its shareholders require a return of 17 percent on their investment. Based on these fundamentals, a reasonable estimate of the appropriate price-to-book value ratio for the firm is:

A)   1.58.

B)   1.25.

C)   2.42.

D)   5.09.

7．An analyst has gathered the following data about Jackson, Inc.:

§ Payout ratio = 60%

§ Expected growth rate in dividends = 6.7%

§ Required rate of return = 12.5%

What will be the appropriate price-to-book value (PBV) ratio for Jackson, based on fundamentals?

A)   0.58.

B)   1.38.

C)   1.85.

D)   1.73.

8．The Lewis Corp. had revenue per share of $300 in 2001, earnings per share of $4.50, and paid out 60 percent of its earnings as dividends. If the return on earnings (ROE) and required rate of return of Lewis are 20 percent and 13 percent respectively, what is the appropriate price/sales (P/S) multiple for Lewis?

A)   0.19.

B)   0.90.

C)   0.18.

D)   0.12.

9．An analyst has gathered the following fundamental data:

What is the price-to-sales (P/S) multiple for firm A in the high-margin, low-volume strategy?

A)   0.13.

B)   0.60.

C)   2.00.

D)   2.18.

10．What is the price-to-sales (P/S) multiple for firm B in the low-margin, high-volume strategy?

A)   0.60.

B)   2.00.

C)   2.18.

D)   0.43.

答案和详解如下：

6．A firm has a payout ratio of 35 percent, a return on equity (ROE) of 18 percent, an estimated growth rate of 13 percent, and its shareholders require a return of 17 percent on their investment. Based on these fundamentals, a reasonable estimate of the appropriate price-to-book value ratio for the firm is:

A)   1.58.

B)   1.25.

C)   2.42.

D)   5.09.

The correct answer was B)

P BV

=

ROE - g r - g

=

.18 - .13 .17 - .13

= 1.25

7．An analyst has gathered the following data about Jackson, Inc.:

§ Payout ratio = 60%

§ Expected growth rate in dividends = 6.7%

§ Required rate of return = 12.5%

What will be the appropriate price-to-book value (PBV) ratio for Jackson, based on fundamentals?

A)   0.58.

B)   1.38.

C)   1.85.

D)   1.73.

The correct answer was D)

ROE = g / (1 - payout ratio) = 0.067/0.40 = 0.1675 or 16.75 percent.

Based on fundamentals:

P/BV = (0.1675 - 0.067) / (0.125 -0.067) = 1.73.

8．The Lewis Corp. had revenue per share of $300 in 2001, earnings per share of $4.50, and paid out 60 percent of its earnings as dividends. If the return on earnings (ROE) and required rate of return of Lewis are 20 percent and 13 percent respectively, what is the appropriate price/sales (P/S) multiple for Lewis?

A)   0.19.

B)   0.90.

C)   0.18.

D)   0.12.

The correct answer was A)

Profit Margin = EPS / Sales per share = 4.50 / 300 = 0.015 or 1.5% percent.

Expected growth in dividends and earnings = ROE * (1 - payout ratio) = 0.20 * 0.40 = 0.08 or 8%.

P₀/S₀ = [profit margin * payout ratio * (1 + g)] / (r - g) = [0.015 * 0.60 * (1.08)] / (0.13 - .08) = 0.1944.

9．An analyst has gathered the following fundamental data:

	Firm A	Firm A	Firm B	Firm B
Strategy	High Margin Low Volume	Low Margin High Volume	High Margin Low Volume	Low Margin High Volume
Payout Ratio	40%	40%	40%	40%
Required Rate of Return	11%	11%	11%	11%
Growth Rate in Dividends	9%	5%	5%	7%
Sales/Book Value of Equity	1.5	4.5	1.0	3
Profit Margin	10%	2%	9%	4%
Book Value	$150	$150	$125	$125

What is the price-to-sales (P/S) multiple for firm A in the high-margin, low-volume strategy?

A)   0.13.

B)   0.60.

C)   2.00.

D)   2.18.

The correct answer was D)

The price-to-sales (P/S) multiple = [Profit Margin x Payout Ratio x (1+g)] / (r - g) = (0.10x0.4x1.09)/(0.11 - 0.09) = 2.18.

10．What is the price-to-sales (P/S) multiple for firm B in the low-margin, high-volume strategy?

A)   0.60.

B)   2.00.

C)   2.18.

D)   0.43.

The correct answer was D)

The price-to-sales (P/S) multiple = [Profit Margin x Payout Ratio x (1+g)] /(r - g) = (0.04x0.4x1.07)/(0.11 - 0.07) = 0.428 or 0.43.