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考试一次通过 · 2024年09月11日

老师，我直接用题目中2008年的DPS/EPS作为d算出来的结果也是30，想问下这个思路对吗？

  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

还是说一定要用div/NI自己算d呢

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1 个答案

王园圆_品职助教 · 2024年09月11日

同学你好，你的思路是完全可以的哦

DPS/EPS和 Dividend/NI 是完全一样的，都可以用来计算分红比率哦

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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.30 B.25 C.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 老师，请问这么计算哪里错了呀，为啥差这么多

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