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西红柿面 · 2024年06月11日

这道题我是把真正的V0求出来了，然后计算justified Forward P/E，可以麻烦老师帮忙看下这样做为什么选不出答案吗

  1. CFA II
  2. Equity

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



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王园圆_品职助教 · 2024年06月11日

同学你好，助教在之前一道题的回复里就跟你强调过，justified P/E无论是leading还是trailing，都是有直接的公式可以利用了计算的，你为什么非要计算V0呢？

V0的计算每一步过程都会有四舍五入的问题，最后可能导致算出来的V0和实际值已经有了不小的差异，但是直接用justified P/E的公式计算就不会存在多步计算的四舍五入差异问题。请同学严格用讲义公式计算，不要再通过计算V0来计算justified P/E了哦

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NO.PZ2023032701000073问题如下 Christie Johnson, CFhbeen assigneto analyze Sunnci. Johnson assumes thSunnci’s earnings anvin will grow a constant rate of 13 percent. Exhibits 1 an2 provi financistatements for the most recent two years (2007 an2008) another information for Sunnci.Exhibit 1.SunnActu2007 an2008 FinanciStatements for FiscYears Enng 31 M(in Millions exceptPer-SharetExhibit 2.SelecteFinanciInformationBaseon information in Exhibits 1 an2 anon Johnson’s assumptions for Sunnci, the justifieforwarP/Es for this company is: A.30B.25C.35 The formula for calculating the justifieforwarP/E for a stable-growth company is the payout ratio vithe fferenbetween the requirerate of return anthe growth rate of vin. If the P/E is being calculateon trailing earnings (Ye0), the payout ratio is increase1 plus the growth rate. Accorng 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 baseon trailing earnings:P/E = [Payout ratio × (1 + g)]/(r－g)= (0.30 × 1.13)/(0.14－0.13) = 33.9P/E baseon next year’s earnings:P/E = Payout ratio/(r－g)= 0.30/(0.14－0.13) = 30 还是说一定要用v/NI自己算

2024-09-11 09:31 1 · 回答

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