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标题: 2008 CFA Level 1 － Sample 样题(2)－Q44 [打印本页]

作者: bingning 时间: 2008-5-27 15:07 标题: 2008 CFA Level 1 － Sample 样题(2)－Q44

44、An analyst gathered the following information about a company:

Current earnings per share (E₀) reported

$5.00

Current dividend per share (D₀) paid on the company's common stock

$3.00

Required rate of return on the company's 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

$37.50

7.5

$37.50

8.0

$40.13

7.5

$40.13

8.0

A. Answer A

B. Answer B

C. Answer C

D. Answer D

[此贴子已经被作者于2008-11-7 13:18:31编辑过]

作者: bingning 时间: 2008-5-27 15:07 标题: 答案和详解回复可见！

44、An analyst gathered the following information about a company:

Current earnings per share (E₀) reported

$5.00

Current dividend per share (D₀) paid on the company's common stock

$3.00

Required rate of return on the company's 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

$37.50

7.5

$37.50

8.0

$40.13

7.5

$40.13

8.0

A. Answer A

B. Answer B

C. Answer C

D. Answer D

Correct answer = C

"Introduction to Security Valuation: Part II," Frank K. Reilly and Keith C. Brown
2008 Modular Level I, Vol. 5, pp. 186-188
Study Session 14-60-c
show how to use the DDM to develop an earnings multiplier model and explain the factors in the DDM that affect a stock's price-to-earnings (P/E) ratio
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 = 0.6.

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