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齐旬 · 2024年01月12日

trailing P/E

  1. CFA I
  2. Equity

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

请问这个trailing P/E是怎么算的？看答案没看懂。



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已采纳答案

王园圆_品职助教 · 2024年01月12日

同学你好，trailing P/E就是指用现在的股价除以0时刻（现在）的EPS0，对应本题就是35/6 = 5.83

此外，同学也可以知道一下，和trailing P/E对应的是leading P/E或forward P/E ，是现在的股价除以预测的（未来1时刻的）的EPS1


齐旬 · 2024年01月12日

好的，谢谢！

王园圆_品职助教 · 2024年01月12日

好的同学

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NO.PZ2022061307000082问题如下 Questionanalyst gatherethe following information about a company:Whiof the following statements best scribes the company’s price-to-earnings ratio (P/E)? Compareto the company’s trailing P/E ratio, the justifieforwarP/E ratio baseon the Gorn growth vinscount mol is: A.the same.B.higher.C.lower. SolutionC is correct.Trailing P/E ratio = Current stopriceCurrent earnings per share=356 Current?stock?pri Current?earnings?per?share = 35 6 = 5.83P/E ratio baseon the Gorn growth vinscount mol= (/E1)/(r-g)=[(2.4×1.08)/(6×1.08)]/(0.15-0.08) 1 / E 1 r?g = 2.4×1.08 / 6×1.08 0.15?0.08 = 5.71A is incorrect. P/E ratio baseon the Gorn growth vinscount mol is greater thtrailing P/E ratio.B is incorrect. It uses earnings for next yeto calculate the trailing P/E ratio.Trailing P/E ratio = Current stopriceCurrent earnings per share=356×1.08 Current?stock?pri Current?earnings?per?share = 35 6×1.08 = 5.40P/E ratio baseon the Gorn growth vinscount mol= (/E1)/(r-g)=[(2.4×1.08)/(6×1.08)]/(0.15-0.08) 1 / E 1 r?g = 2.4×1.08 / 6×1.08 0.15?0.08 = 5.71 Trailing p/e =forwarp/e X (1+g), g大于0，1+g大于1， 所以trailing pe always 大于 forwarpe

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