单选题 An analyst does research about common stock valuation and gathers the following annual information about a company:
·Return on assets is 4.5%
·Financial leverage (total assets/equity) is 2.0
·Dividends per share paid during 2011 is $4.20
·Earnings per share for 2011 is $7.00
·Required rate of return on the company's common stock is 12%
If the 2012 growth rate is expected to remain constant, the value of a share of the company's common stock is closest to:
A. $50.0
B. $51.8
C. $52.7

【正确答案】 B
【答案解析】[解析] g= ROE×RR= ROA×financial leverage×(1-DPS/EPS)=4.5% ×2.0×(1-$4.20/$7.00)=3.6%,因此可得:
P=DPS×(1+g)/(r-g)=$4.20×(1+3.6%)/(12%-3.6%)=$51.8。