NO.PZ2023040301000141
问题如下：
An investor uses the data below and the constant growth model to evaluate a company's common stock. To estimate growth, she uses the average value of the:
• dividend growth rate over the period 2004-2009 and
• sustainable growth rate for the year 2009
If her requited return is 15 percent, the stock's estimated value is closest to:
选项：
A.$23.71
$25.31
$30.14
解释：
Dividend growth rate over the period 2004-2009= 1.25x(1+g)5=1.92; g=8.96%=9% Sustainable growth rate for the year 2009;
retention rate= (1-Dividend payout ratio)=[1-(1.92/3.20)]=0.40
g= bxROE; g=0.40x12%=4.8%
Average of the two approaches=(9+4.8)/2=6.90%
V0=D1/(r-g)=($1.92x1.069)/(0.15-0.069)=2.05/0.081=$25.31
请问一下：retention rate= (1-Dividend payout ratio)=[1-(1.92/3.20)]=0.40，dividend payout ration为什么等于1.92/3.2？
