单选题
Use the following data to analyze a stock"s price earnings ratio (P/E ratio):
The stock"s beta is 1.2.
The dividend payout ratio is 60%.
The stock"s expected growth rate is 7%.
The risk free rate is 6% and the expected rate of return on the market is 13%.
Using the dividend discount model, the expected P/E ratio of the stock is closest to:
【正确答案】
A
【答案解析】k =ER = R
f
+ Beta(RM - R
f
) =0.06+1.2×(0.13-0.06)=0.144
Dividend payout ratio = 0.60
P/E = div payout/(k-g)=0.6/(0.144-0.07)=8.1