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Anna · 2024年11月18日

公式本身

  1. CFA II
  2. Corporate Issuers

NO.PZ2023040402000014

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

The estimated dividend per share is $0.68.

Previous DPS = $0.60

Expected increase in EPS = $4 – $3 = $1

Target payout ratio = 0.25

Five-year adjustment factor = 1/5 = 0.2

Expected dividend = Previous dividend + (Expected earnings×Target payout ratio–Previous dividend)×Adjustment factor

= $0.60 + [($4.00×0.25–$0.60)×0.2] = $0.60 + $0.08 = $0.68

想请问expected div这个公式本身，我可以理解是拿当期div加上变化量就是新一期div。但是为什么不能直接用expected earning x target payout ratio呢？为什么还要绕一下？

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NO.PZ2023040402000014 问题如下 The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vin A.$0.68. B.$0.80. C.$0.85. The estimatevinper share is $0.68.Previous S = $0.60Expecteincrease in EPS = $4 – $3 = $1Target payout ratio = 0.25Five-yeaustment factor = 1/5 = 0.2Expectevin= Previous vin+ (Expecteearnings×Target payout ratio–Previous vin×Austment factor= $0.60 + [($4.00×0.25–$0.60)×0.2] = $0.60 + $0.08 = $0.68 这道题本意是将payout ratio用三年时间提高到从20%（0.6/3=20%）提高25%，但是如果真的按照答案说的0.68，那payout ratio岂不是才0.68/4=17%，也就是说从20%降至17%了，违背初衷了（本意是提高payout ratio，现在反而降了）

2024-05-08 14:47 1 · 回答

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2024-04-15 15:19 1 · 回答

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