问题
单项选择题
An analyst gathered the following information about an industry. The industry beta is 0.9. The industry profit margin is 8%, the total asset turnover ratio is 1.5, and the leverage multiplier is 2. The dividend payout ratio of the industry is 50%. The risk-free rate is 7% and the expected market return is 15%. The industry P/E is closest to:（）
A. 12.00.
B. 14.20.
C. 22.73.
答案
参考答案：C
解析：
Using the CAPM: ki =7%+0.9×(0.15-0.07)=14.2%.
Using the DuPont equation: ROE =8%×1.5×2=24%.
g = retention ratio = ROE=0.50×24%=12%.
P/E=0.5/(0.142-0.12)=22.73.