Reading 56: An Introduction to Security Valuation- LOS d～

return, factors, develop, required, increase

LOS d: 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.

Q1. According to the earnings multiplier model, all else equal, as the required rate of return on a stock increases, the:

A) P/E ratio will increase.

B) P/E ratio will decrease.

C) earnings per share will increase.

Q2. According to the earnings multiplier model, a stock’s P/E ratio (P₀/E₁) is affected by all of the following EXCEPT the:

A) expected stock price in one year.

B) required return on equity.

C) expected dividend payout ratio.

Q3. The earnings multiplier model, derived from the dividend discount model, expresses a stock’s P/E ratio (P₀/E₁) as the:

A) expected dividend payout ratio divided by the difference between the required return on equity and the expected dividend growth rate.

B) expected dividend payout ratio divided by the sum of the expected dividend growth rate and the required return on equity.

C) expected dividend in one year divided by the difference between the required return on equity and the expected dividend growth rate.

Q4. If the payout ratio increases, the P/E multiple will:

A) decrease, if we assume that the growth rate remains constant.

B) increase, if we assume that the growth rate remains constant.

C) always increase.

Q5. An analyst gathered the following information about an industry. The industry beta is 0.9. The industry profit margin is 8%, the total asset turnover ratio is 1.5, and the leverage multiplier is 2. The dividend payout ratio of the industry is 50%. The risk-free rate is 7% and the expected market return is 15%. The industry P/E is closest to:

A) 22.73.

B) 12.00.

C) 14.20.

Q6. A firm has an expected dividend payout ratio of 48 percent and an expected future growth rate of 8 percent. What should the firm's price to earnings ratio (P/E) be if the required rate of return on stocks of this type is 14 percent and what is the retention ratio of the firm?

P/E ratio Retention ratio

A) 6.5 52%

B) 8.0 52%

C) 6.5 48%

Q7. A firm has an expected dividend payout ratio of 50%, a required rate of return of 12% and a constant growth rate of 6%. If earnings for the next year are expected to be $4.50, the value of the stock today is closest to:

A) $39.75

B) $37.50

C) $33.50

闲看花开花落

闲看花开花落

花开花落，其实应该与季节无关吧。很多时候都是迷茫于自己的生活，找不到更好的理由来让自己不去想些别人认为无关紧要的事情。
路依旧还是那条路，当多少年过去，离往事越来越远，便也没再追寻。于是就想到要去寻梦，去找寻一种久违的心情，看那桃花是否依旧笑春风，看那记忆中的面容是否依旧柔情似水？
有谁能够挽留住那些花朵？听任淡淡的清香揪心的惆怅。是否也在回忆那淡淡的雨夜，那盈盈的绿叶？而我终是做着这个世上最无聊之事，闲看花开花落，徒留伤心往事。
故人总是说，曾经上海整形专家沧海难为水，除却巫山不是云。那端起的酒杯也过是这个故事里应该有的道具而已，是谁为谁青杏煮酒，是谁为谁梅子雨冷，是谁为谁衣带渐宽终不悔，是谁为谁滴不尽相思血泪抛红豆，那么又是谁为谁开不完春柳春花满画楼？
许多的美丽总是在不经意间从我的指缝中滑落，依稀耳边响起的总是聆听不断的丁零。没法在花开花落时不伤感难过。偶尔轻轻走来的依然婆娑婀娜，难得感觉;那等在季节里的容?，如莲花般开落的凄上海隆鼻最好的医院惨，总有伤感于那句;我不是归人，是个过客的颓废。
风住尘香花已尽，物是人非频回首。
多少人会看;滚滚长江东逝水，浪花淘尽英雄，又有多少人知道;是非成败转头空，江山依旧在，几度夕阳红。于是，也想不停地流浪，也想走过那长河落日圆的漠北，走过那千山鸟飞绝的域西，走过那十里荷花香的江南。一路的餐晚风饮朝露，一路的枕松涛眠孤上海整形美容月，使雨中的流浪，看起来似乎只有起点没有终点。偶尔想起的时候，依旧泪湿衣襟，怎么的豪情才有那般的开怀？我依旧没能够释怀于现在的枯燥生活。
许多的事情依旧还是匆匆太匆匆，无不得意于现在还能够散发乘夏凉，荫下卧闲敞。人生总也有如意之时，聚散匆匆总是缘飞缘散时，要不怎能够人生得意须尽欢，哪管他明日今朝谁是谁非。
总也有想莲步轻移，婀娜多姿的时候，总也有为悦己者容的时候，总也有被他说成我是个习惯向右走的女子的时候，但是也总有人忘记其实他是上海整形
个习惯向左走的男子的时候，那么痛并快乐着看花开花落，总比一个人寂寞如烟花的时候好吧。何须在意那么自己本不应该在意的时候，让自己能够更快乐些。
端坐于花下，伸手接一飘落的花瓣，含入唇中，掬其沁凉与幽香，看那破蛹化蝶复如何瘦脸成茧又是怎么的开怀？没人能够邂逅奇迹不游走于这个世道。犹记得曾想邂逅水妖，从此避世，终归那也是我有个美丽的梦而已，何须期待太多美丽？
青黛色的烟霭笼罩在银白色的晨曦中，迷离在眼前的时候，天亮了，那么我看闲花开花落的时光还有多少？人生本没多少日子，除去我偶尔的伤感，这个该有的人生应该不是个错误。
白驹飞驰，春去秋至，我倚栏相望，穿了秋水，竟是一袭长袖摇曳着似水流年的传说，却倾泻了我一地的心事。夏将尽，长日渐短，人却开始迷糊。
曦，美丽如常，而我，昔日的心境已不再。心境如疾速的烈风，瞬间感到了落水的冰凉。
步履踉跄，像酒醉的风光，欢歌漫唱全凭自己的无颜，而我又能唱响几多婉转，隔了旁人的心肠流传的是何种笑谈，还便装扮成矜持的假面，在无人过问的舞台上且歌且吟，展示独角戏的绚烂，那管掌声与鲜花的无从装点，而我，真的，真的很想闲看花开花落。
沧海依然横流，桑田依旧难老。
什么时候人世间竟然流行抓不住的过眼云烟？

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