Mock中的第四道题目 Intrinsic P/E equity, return

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2015-3-29 15:58

57. The intrinsic P/E ratio of SMGI is closest to:
A. 10.9.
B. 12.6.
C. 14.5.
Answer = A


Intrinsic P/E = (1 – b) / (r – g); (1 – b) = Payout ratio (given) = 14%;
r = Required rate of return on equity (given) = 17.1%;
g = ROE x Retention Ratio = 18.4 x (1 – 0.14) = 15.82%;
Intrinsic P/E = 0.14 / (0.171 – 0.1582) = 10.9



困惑： P/E有两种 leading和Trailing是不是Instrinsic P/E就是暗指 leading P/E? (P/E1)?