问题
单项选择题
An analyst does research about equity valuation and gathered the following annual data for a company:
·Return on assets is 8.0%
·Financial leverage is 1.25
·Net income for 2012 is $20000000
·Dividends paid on common stocks during 2012 (D0) is $4000000
·Shares of common stock outstanding is 2000000
·Required rate of return on the company's common stock is 14.5%
If the growth rate in dividends is constant, the value of a share of the company's common stock at the beginning of 2013 is closest to:
A. $30.77
B. $33.23
C. $44.44
答案
参考答案：B
解析： g=ROE×retention ratio=ROA×financial leverage×(1-payout ratio)=8%×1.25×[1-($4000000/$20000000)]=8%，由此得：
P0=D1×(1+g)/(r-g)=($4000000/2000000)×(1+8%)/(14.5%-8%)=33.23。