求教胡老师解答一下 胡老师

xfire

An analyst is looking at a firm that has the following data:

§ An historical earnings retention rate of 40% that is projected to continue into the future.

§ A sustainable ROE of 12%.

§ The stock's beta is 1.2.

§ The nominal risk free rate is 6%.

§ The expected market return is 11%.

If the analyst thinks next year's earnings will be $4 per share, what value would they place on this stock?

A) $33.32.

B) $45.45.

C) $26.67.

D) $22.24. 以下内容只有回复后才可以浏览 以下内容只有回复后才可以浏览

The correct answer was A) $33.32.

Dividend payout = 1 - earnings retention rate = 1 - .4 = .6

R_S = R_f + B(RM - R_f) = .06 + 1.2(.11 - .06) = .12

g = (retention rate)(ROE) = (.4)(.12) = .048

P/E = (div payout rate)/(k - g) = .6/(.12 - .048) = 8.33

Price = (E)(P/E) = (4)(8.33) = 33.32

此题为何不能用p=d/(k-g)求解呢？？？

胡老师

你说的方法也可以，这个题目可能在价格乘数这个章节，所以用这个方法了。