An analyst does research about price-to-ea

问题单项选择题

An analyst does research about price-to-earnings ratio and gathered the following nformation about three common stocks with the same retention ratio:

The highest price-to-earnings (P/E) ratio is most likely associated with:()

A. Stock A.

B. Stock B.

C. Stock C.

答案

参考答案：B

解析：

因为P/E=[D₁/(r-g)]/E₁=payout ratio/(r-g)，且三家公司的留存比率相同，说明三家公司的股利发放比率也相同，所以(r-g)最小的则P/E最大。股票A：r-g=8.3%，股票B：r-g=8.0%，股票C：r-g=8.4%，所以股票B的r-g最小，即其P/E 最大。