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mouse123

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tT
发表于 2011-7-13 15:25 | 只看该作者

PE Ratio

equation
P0 = D1 / (k – g)

By dividing both sides of the equation by next year’s earnings, E1:


P0 / E1 = (D1 / E1) / (k – g)


shouldn't the answer be:

P0 / E1 = D1 / [E1 * (k – g)]
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cyber21

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2#
发表于 2011-7-13 15:25 | 只看该作者
Mathematically both are the same.

P0 / E1 = (D1 / E1) / (k – g) is same as P0 / E1 = D1 / [E1 * (k – g)]

You could verify by putting in same values to both equations.

It is shown as P0 / E1 = (D1 / E1) / (k – g) because D/E is a meaningful ratio.

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waldziuchna

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3#
发表于 2011-7-13 15:25 | 只看该作者
Price=Earnings at t=1*(1-Earnings Retention ratio)/(CAPM-ROE*Earnings retention Ratio)

the same as

Price=Earnings at t=0*(1+ROE*Earning retention Ratio)*(1-Earnings retention Ratio)/(CAPM-ROE*Earnings Retention Ratio)


Price/Earnings at t=1 =(1-Earnings Retention Ratio)/(CAPM-ROE*Earnings retention Ratio)

I used the simple CAPM as a arbituary measure of required return. There are many many others.

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