NO.PZ2023032701000073
问题如下：
Christie Johnson, CFA, has been assigned to analyze Sundanci. Johnson assumes that Sundanci’s earnings and dividends will grow at a constant rate of 13 percent. Exhibits 1 and 2 provide financial statements for the most recent two years (2007 and 2008) and other information for Sundanci.
Exhibit 1.Sundanci Actual 2007 and 2008 Financial Statements for Fiscal Years Ending 31 May (in Millions exceptPer-ShareData)
Exhibit 2.Selected Financial Information
Based on information in Exhibits 1 and 2 and on Johnson’s assumptions for Sundanci, the justified forward P/Es for this company is:
选项：
A.30
B.25
C.35
解释：
The formula for calculating the justified forward P/E for a stable-growth company is the payout ratio divided by the difference between the required rate of return and the growth rate of dividends. If the P/E is being calculated on trailing earnings (Year 0), the payout ratio is increased by 1 plus the growth rate. According to the 2007 income statement, the payout ratio is 18/60 = 0.30; the 2008 income statement gives the same number (24/80 = 0.30). Thus, P/E based on trailing earnings:
P/E = [Payout ratio × (1 + g)]/(r－g)
= (0.30 × 1.13)/(0.14－0.13) = 33.9
P/E based on next year’s earnings:
P/E = Payout ratio/(r－g)= 0.30/(0.14－0.13) = 30
justified P/E，这个P是VO还是V1？
