单选题
Assume that a firm has an expected dividend payout ratio of 20%, a required rate of return of 9% , and an expected dividend growth of 5%. What is the firm's estimated price-to-earnings (P/E) ratio? A. 5.00. B. 10.00. C. 20.00.
【正确答案】
A
【答案解析】The price-to-earnings (P/E) ratio is equal to (D1/E1)/(k-g)=0.2/(0.09-0.05)=5.00.