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标题: Reading 44: Market-Based Valuation: Price and Enterprise Val [打印本页]

作者: 土豆妮 时间: 2011-3-18 15:52 标题: [2011]Session 12-Reading 44: Market-Based Valuation: Price and Enterprise Val

Session 12: Equity Investments: Valuation Models
Reading 44: Market-Based Valuation: Price and Enterprise Value Multiples

LOS m: Calculate and explain the use of price multiples in determining terminal value in a multistage discounted cash flow (DCF) model.

A common price to earnings (P/E) based method for estimating terminal value in multi-stage models is the:

A)
P/E to growth (PEG) approach.

B)
dividend yield approach.

C)
fundamentals approach.

It is common to restate the Gordon growth model price as a multiple of expected future book value per share or earnings per share (EPS).

[此贴子已经被作者于2011-3-21 11:35:12编辑过]

作者: 土豆妮 时间: 2011-3-18 15:52

Precision Tools is expected to have earnings per share (EPS) of $5.00 per share in five years, a dividend per share of $2.00, a cost of equity of 12%, and a long-term expected growth rate of 5%. What is the terminal trailing price-to-earnings (P/E) ratio in five years?

A)
6.00.

B)
7.14.

C)
9.00.

P₅/E₅ = (0.40 × 1.05) / (0.12 – 0.05) = 6.00

作者: 土豆妮 时间: 2011-3-18 15:53

Industrial Light is expected to have earnings per share (EPS) of $5.00 per share in five years, a dividend per share of $2.50, a cost of equity of 12%, and a long-term expected growth rate of 5%. What is the terminal trailing price-to-earnings (P/E) ratio in five years?

A)
7.50.

B)
3.75.

C)
7.14.

P₅ / E₅ = (0.50 × 1.05) / (0.12 – 0.05) = 7.50

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