问题 问答题

预计ABC公司明年的税后利润为1 000万元,发行在外普通股500万股。 要求: (1)假设其市盈率为12倍,计算其股票的价值。 (2)预计其盈余的60%将用于发放现金股利,股票获利率应为4%,计算其股票的价值。 (3)假设成长率为6%,必要报酬率为10%,预计盈余的60%用于发放股利,用固定成长股利模式计算其股票价值。

答案

参考答案:

解析:(1)每股盈余=税后利润÷发行股数 =(1 000÷500)元/股=2元/股 股票价值=(2×12)元=24元 (2)股利总额=税后利润×股利支付率=1 000万元×60%=600万元 每股股利=(600÷500)元/股=1.2元/股 或:每股股利=2元/股×60%=1.2元/股 股票价值=每股股利÷股票获利率=1.2元÷4%=30元 (3)股票价值=预计明年股利÷(必要报酬率-成长率) =[2×60%÷(10%-6%)]元=(1.2÷4%)元=30元

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