答案和详解如下： 1.A firm has the following characteristics: §
Current share price $100.00 §
Current earnings $3.50 §
Current dividend $0.75 §
Growth rate 11 percent §
Required return 13 percent Based on this information and the Gordon growth model, what is the firm’s justified trailing price to earnings (P/E) ratio? A) 8.9. B) 11.9. C) 11.3. D) 12.8. The correct answer was B) The justified trailing P/E is 11.9: P0 / E0 = [($0.75)(1 + 0.11)/$3.50] / (0.13 – 0.11) = 11.8929 2.A firm has the following characteristics: §
Current share price $100.00 §
One-year earnings $3.50 §
One-year dividend $0.75 §
Required return 13 percent §
Justified leading price to earnings 10 Based on the dividend discount model, what is the firm’s assumed growth rate? A) 8.6%. B) 10.9%. C) 11.4%. D) 12.4%. The correct answer was B) The assumed growth rate is 10.9%: P0 / E1 = ($0.75/$3.50) / (0.13 – g) = 10, g = 10.86% 3.A firm has the following characteristics: §
Current share price $100.00 §
Next year's earnings $3.50 §
Next year's dividend $0.75 §
Growth rate 11 percent §
Required return 13 percent Based on this information and the Gordon growth model, what is the firm’s justified leading price to earnings (P/E) ratio? A) 8.7. B) 11.3. C) 12.8. D) 10.7. The correct answer was D) The justified leading P/E is 10.7: P0 / E1 = ($0.75 / $3.50) / (0.13 – 0.11) = 10.714 | 
发表于 2008-5-20 10:48
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