NO.PZ2022061307000082
问题如下:
Question
An analyst gathered the following information about a company:
Which of the following statements best describes the company’s price-to-earnings ratio (P/E)? Compared to the company’s trailing P/E ratio, the justified forward P/E ratio based on the Gordon growth dividend discount model is:
选项:
A.the same.
B.higher.
C.lower.
解释:
Solution
C is correct.
Trailing P/E ratio = Current stock priceCurrent earnings per share=356 = 5.83
P/E ratio based on the Gordon growth dividend discount model
= D1/E1r/g=(2.4×1.08)/(6×1.08)0.15/0.08 = 5.71
A is incorrect. P/E ratio based on the Gordon growth dividend discount model is greater than trailing P/E ratio.
B is incorrect. It uses earnings for next year to calculate the trailing P/E ratio.
Trailing P/E ratio = Current stock priceCurrent earnings per share=356×1.08 = 5.40
P/E ratio based on the Gordon growth dividend discount model
= D1/E1r/g=(2.4×1.08)/(6×1.08)0.15/0.08 = 5.71
为什么Trailing的不能用(1+g)*(1-b)/r-g来计算?d为2.4/6=0.4,b为1-0.4=0.6,带入公式后我算的是(1+8%)*(1-0. 6) /15%-8%得6. 17, 跟答案撞对了,请问老师思路错在哪里?