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砖尼 · 2020年03月14日

问一道题:NO.PZ2018101501000099

问题如下:

Company M is financed with $20 million debt and $80 million equity. Currently, the company is going to pay 40% of its net income as a dividend to the shareholders. The management estimate that the cost of equity would be reduced 150 basic points after the dividend and the dividend growth rate would be 5.5 percent. What`s the leading P/E ratio after initiating the dividend?

选项:

A.

4.71

B.

8.89

C.

13.33

解释:

C is correct.

考点Summary of Capital Structure Theories

解析公司现今的资本结构所对应的权益资本成本是10%,发放股利后的权益资本成本将会下降到8.5%。Leading P/E = payout ratio/(r-g) = 40% / (8.5% - 5.5%) = 13.33

请问老师leading P/E的公式在哪里出现过,有些遗忘了,谢谢!

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年03月15日

同学你好,Leading P/E我们在一级学过,二级的Equity也有提到,公式如下: