[CFA模拟真题] 2006 CFA Level I －NO105 class, following, border, market, medium

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45．An analyst gathered the following information about a stock market index:

Required rate of return	16%
Expected dividend payout ratio	30%
Expected return on equity investment	20%

The expected price/earnings (P/E) ratio of the index is closest to:

 

Select exactly 1 answers from the following:

A. 3.5. B. 7.0. C. 15.0. D. 35.0.
答案和详解如下！
Feedback: Correct answer: C

Investment Analysis and Portfolio Management, 7th edition, Frank K. Reilly and Keith C. Brown (Dryden, 2003), pp. 437?43

2006 Modular Level I, Vol. III, pp. 386-392

Study Session 13-56-a

calculate the earnings per share (EPS) of a stock market series and the expected P/E ratio (earnings multiplier) of a stock market series, using the series?expected dividend payout ratio, required rate of return, and expected growth rate of dividends

 

The price/earnings ratio is equal to the expected dividend payout ratio divided by the difference between the required rate of return and the expected growth rate of dividends, where the expected growth rate of dividends is equal to the retention rate times the expected return on equity:

0.30 / (0.16 ?0.14) = 15.00.

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