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NANK · 2023年07月12日

题目

  1. CFA II
  2. Corporate Issuers

NO.PZ2023040402000014

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

The estimated dividend per share is $0.68.

Previous DPS = $0.60

Expected increase in EPS = $4 – $3 = $1

Target payout ratio = 0.25

Five-year adjustment factor = 1/5 = 0.2

Expected dividend = Previous dividend + (Expected earnings×Target payout ratio–Previous dividend)×Adjustment factor

= $0.60 + [($4.00×0.25–$0.60)×0.2] = $0.60 + $0.08 = $0.68

This year it estimates earnings per share will be $4.00.请问怎么理解这句话呢？这句话的意思难道不应该是预计今年的EPS是4吗？

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已采纳答案

王琛_品职助教 · 2023年07月13日

嗨，爱思考的PZer你好：


1

"This year it estimates earnings per share will be $4.00"，并不是说今年的 EPS 是 4，而是说站在今年的时间点，预测第五年的 EPS 是 4

也就是公式中的 expected earnings

2

如果考试考查这个知识点，题干会告诉相关数据，其中，expected earnings 只有一个数据，题干不会告诉两个 expected earnings 哈

也请参考基础班讲义墨迹版 P49

----------------------------------------------
努力的时光都是限量版，加油！

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NO.PZ2023040402000014问题如下 The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vin A.$0.68.B.$0.80.C.$0.85. The estimatevinper share is $0.68.Previous S = $0.60Expecteincrease in EPS = $4 – $3 = $1Target payout ratio = 0.25Five-yeaustment factor = 1/5 = 0.2Expectevin= Previous vin+ (Expecteearnings×Target payout ratio–Previous vin×Austment factor= $0.60 + [($4.00×0.25–$0.60)×0.2] = $0.60 + $0.08 = $0.68 This yeit estimates earnings per share will $4.00\"，并不是说今年的 EPS 是 4，而是说站在今年的时间点，预测第五年的 EPS 是 4。哪里能看出来第五年是4？

2024-04-15 15:19 1 · 回答