答案和详解如下： 16.What is the appropriate justified trailing price-to-earnings (P/E) multiple of a stock that has a payout ratio of 40 percent if shareholders require a return of 15 percent on their investment and the expected growth rate in dividends is 5 percent? A) 6.30. B) 4.20. C) 13.20. D) 3.80. The correct answer was B) P0/E0 = (0.40 × 1.05)/(0.15 – 0.05) = 4.20 17.What is the appropriate leading price-to-earnings (P/E) multiple of a stock that has a projected payout ratio of 40 percent if shareholders require a return of 15 percent on their investment and the expected growth rate in dividends is 5 percent? A) 6.30. B) 13.20. C) 3.80. D) 4.00. The correct answer was D) P0/E0 = 0.40/(0.15 – 0.05) = 4.00 Note that the leading P/E omits (1 + g) in the numerator, which is present in the formula for the trailing P/E. 18.A firm’s return on equity (ROE) is 14 percent, its required rate of return is 10 percent, and its expected growth rate is 8 percent. What is the firm’s justified price-to-book value (P/B) based on these fundamentals? A) 2.00. B) 2.75. C) 5.00. D) 3.00. The correct answer was D) P0E0 = (ROE – g) / (r – g) = (0.14 – 0.08) / (0.10 – 0.08) = 3.00 19.What is the appropriate price-to-sales (P/S) multiple of a stock that has a retention ratio of 45 percent, a return on equity (ROE) of 14 percent, an earnings per share (EPS) of $5.25, sales per share of $245.54, an expected growth rate in dividends and earnings of 6.5 percent, and shareholders require a return of 11 percent on their investment? A) 0.227. B) 0.278. C) 0.158. D) 3.584. The correct answer was B) Recall that profit margin is measured as E0/S0. In this example, the profit margin is (5.25/245.54) = 0.0214. Thus: P0/S0 = [(E0 / S0)(1 – b)(1 + g)] / (r – g) = [0.0214(0.55)(1.065)] / (0.11 – 0.065) = 0.278 20.A firm’s return on equity (ROE) is 15 percent, its required rate of return is 12 percent, and its expected growth rate is 7 percent. What is the firm’s justified price to book value (P/B) based on these fundamentals? A) 0.63. B) 1.71. C) 1.60. D) 1.00. The correct answer was C) P0/B0 = (ROE – g) / (r – g) = (0.15 – 0.07) / (0.12 – 0.07) = 1.60 21.An analyst has gathered the following fundamental data:
| Firm A | Firm B | Firm C | Firm D | Payout Ratio | 75% |
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| Required Rate of Return | 12% | 12% | 12% | 12% | Return on Equity | 20% | 15% | 30% | 14% | Price/Book Value Ratio |
| 3.00 | 0.70 | 3.50 |
What is the price/book value (PBV) ratio for firm A? A) 0.71. B) 1.25. C) 2.14. D) 3.00. The correct answer was C) The growth rate in dividends (g) = ROE(1-payout ratio) = 0.20 x (1-0.75) = 0.05 or 5%. The price/book value (PBV) ratio = (ROE - g) / (r-g) = (0.20 - .05)/(0.12-0.05) = 2.14. | 
发表于 2008-5-20 18:19
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