问题如下:
Bear Company is expected to have a payout ratio of 50% and growth rate of 10%. Assume the rate of return is 15%, What is the firm's leading price-to-earnings (P/E) ratio?
选项:
A.9x.
B.10x.
C.11x.
解释:
B is correct.
P/E=divident payout ratio /( k-g) = 0.5 / (0.15 - 0.1) = 10x.
payout ratio=1-RR吗