单选题 According to the earnings multiplier model, which of the following factors is the least important in estimating a stock's price-to-earnings ratio? The: A. estimated required rate of return on the stock. B. historical dividend payout ratio. C. expected dividend payout ratio.
【正确答案】 B
【答案解析】
P/E=(D1/E1)/(k-g)
where:
D1/E1=the expected dividend payout ratio
k=estimated required rate of return on the stock
g=expected growth rate of dividends for the stock
The P/E is most sensitive to movements in the denominator.