这类题可以定性判断吗？

问题如下：

An analyst collects the following data on the return on equity (ROE) and the payout ratio for two companies, M and N. Using a required return of 12.4% for both companies, she computes the justified forward P/E ratios, which are also given below.

If Company M increases its dividend payout ratio to 40% and Company N decreases its dividend payout ratio to 30%, which of the following will most likely occur? The justified P/E ratio of:

选项：

A.

both companies would increase

B.

both companies would decrease

C.

Company M would increase but that of Company N would decrease

解释：

Dividend growth rate = (1 – Payout ratio) × ROE;

Justified forward P/E: P0/E1 = pay out ratio/(r – g).

Using the new payout ratios, the justified forward P/Es, calculated below, of both firms would increase.

Company M:

New dividend growth rate = (1 – 0.4) x 12% = 7.2%;

New Justified forward P/E = 0.4/(0.124 – 0.072) = 7.7.

Company N:

New dividend growth rate = (1 – 0.3) x 14% = 9.8%;

New Justified forward P/E = 0.3/(0.124 – 0.098) = 11.5