单选题

An analyst attempting to value the shares of a company has gathered the following data:

Return on equity	12%
Dividend payout ratio	40%
Required rate of return on shares	15%
Current year's dividend per share	$3.60

Using the Gordon growth model, the intrinsic value per share is closest to:

A、 $36.96.
B、 $46.15.
C、 $49.49.

【正确答案】 C

【答案解析】

g = b × ROE; b = earnings retention rate = (1 - Dividend payout ratio)
D₁ = D₀ (1 + g); V₀ = D₁ /(r - g);
b = 1 - 0.40 = 0.60; g = 0.60 × 12 = 7.2%;
D₁= 3.60 (1.072) = $3.86; V₀ = 3.86/(0.15 -0.072) = $49.49.