1個(gè)回答
Vicky助教
2020-09-18 11:02
該回答已被題主采納
同學(xué)你好，
就是根據(jù)題目要求一步步求解，
題目要求P/E1,先列公式=payout rate/(r-g) ，需要求三個(gè)數(shù)據(jù)payout rate，g，r
根據(jù)題目要求：
Earnings growth rate over the period 2006-2009=2.50 × (1 + g)^3=3.2; g=8.6%
Average payout ratio= (0.60+0.50+0.70+0.64)/4=0.61
r= Current expected risk-free rate of return+ Beta × [Market (equity) risk premium] =3%+1.3(6.5%) =11.45%
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追問(wèn)
為什么要用到average ratio呢e
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追答
同學(xué)你好，
是題干要求使用的呀，to use the average of payout ratio
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