单选题 Suppose you expect the computer industry to have a dividend payout ratio of 20% a return on equity of 22%, and a required return of 19%. Use microanalysis to estimate the earnings multiplier for the industry.

A、

A. 10.8 times.
B、

B. 13.3 times.
C、

C. 14.3 times.

【正确答案】 C

【答案解析】Compute g as the retention rate (80%) times ROE (22%) or 17.6%. The earnings multiplier can then be computed as (D/E)/(k-g), or 0.20/(0.19-0.176)=14.3 times.