2011 L2 Mock 49 ROE计算问题 income, growth, equity, 2011, 的

必胜2012

49. According to the Gordon growth model and the inputs used by Alahtab, CRN’s intrinsic value per share as of 2010 is closest to:
A. $16.80.
B. $27.43.
C. $29.49.
Answer = C

g = b x ROE; b = 1 – Payout ratio = 1 – (48/120) = 0.6;
ROE = Net income / Shareholders’ equity = 120 / (800+159.3) = 12.5;
g = 0.6 x 12.5 = 7.5%;

但是ROE不是应该在前一年末的equity, 为什么答案选用了今年的呢?