答案和详解如下： 11.t is the capital asset pricing model (CAPM) required rate of return for this stock? A) 17.48% B) 19.50% C) 10.73% D) 26.25% The correct answer was A) CAPM Reg. Return = Risk-free Rate + Beta (Market Ret. - Risk-Free Ret.) = 6.75 + 1.30 (15.00 - 6.75) = 17.48
12.t is the price-earnings ratio for this firm?
A) 22.18X. B) 18.14X. C) 5.13X. D) 11.31X. The correct answer was C) Price / Earnings ratio = (Dividend Payout Ratio) / (k - g), where k is based on the CAPM required return = 0.55 / (0.1748 - 0.0675) = 5.13.
13.uming that the most recent year’s earnings are $2.27, what is the estimated value of the stock using the earnings multiplier method of valuation? A) $29.14 B) $41.18 C) $12.43 D) $31.37 The correct answer was C) Using the components calculated in prior questions: P = (Next year's Earnings E1) * (P/E ratio) Next year's earnings = E1 = E0 * (1 + g) = (2.27) * (1.0675) = 2.4232 P = (2.4232)(5.13)= $12.43
14.a company has a "0" earnings retention rate, the firm's P/E ratio will equal: A) 1/k B) D/P + g C) L/g D) k + g The correct answer was A) P/E = div payout ratio / (k - g) where g = (retention rate)(ROE) = (0)(ROE) = 0 Dividend payout = 1 - retention ratio = 1 - 0 = 1 P/E = 1/ (k - 0) = 1/k
15.uming that a company's ROE is 12% and the required rate of return is 10%, which of the following would most likely cause the company's P/E ratio to rise? A) The inflation rate falls. B) The firm's dividend payout rises. C) The firm's ROE falls. D) The stock risk premium rises. The correct answer was A) Decrease in the expected inflation rate. The expected inflation rate is a component of ke (through the nominal risk free rate). ke can be represented by the following: nominal risk free rate + stock risk premium, where nominal risk free rate = [(1 + real risk free rate)(1 + expected inflation rate)] – 1. If the rate of inflation decreases, the nominal risk free rate will decrease. ke will decrease. The spread between ke and g, or the P/E denominator, will decrease. P/E ratio will increase. (An increase in the stock risk premium would have the opposite effect.) Decrease in ROE: ROE is a component of g. As g decreases, the spread between ke and g, or the P/E denominator, will increase, and the P/E ratio will decrease. Increase in dividend payout/reduction in earnings retention. In this case, an increase in the dividend payout will likely decrease the P/E ratio because a decrease in earnings retention will likely lower the P/E ratio. The logic is as follows: Because earnings retention impacts both the numerator (dividend payout) and denominator (g) of the P/E ratio, the impact of a change in earnings retention depends upon the relationship of ke and ROE. If the company is earning a higher rate on new projects than the rate required by the market (ROE> ke), investors will likely prefer that the company retain more earnings. Since an increase in the dividend payout would decrease earnings retention, the P/E ratio would fall, as investors will value the company lower if it retains a lower percentage of earnings.
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发表于 2008-4-10 17:32
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