问题如下:
Jacques is preparing the valuation for PZ Inc.. She estimates that PZ’s long-term expected dividend payout rate is 35 percent and its return on equity is 12 percent over the long term. What is the long-term FCFE Sustainable growth rate of PZ Inc.?
选项:
A.11.4%
B.3.2%
C.7.8%
解释:
C is correct.
考点:Sustainable growth rate
解析:C是正确的。可持续增长率等于净资产收益率(ROE)乘以留存收益率。净资产收益率为12%,留存收益率为1-派息率,即1.0- 0.35 = 0.65。可持续增长率等于0.65×12% = 7.8%。从长远来看,FCFE的年增长率至少应该达到7.8%。
FCFE的增长率也是指 持续增长率?