"Equity Investments":dividend
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Questions 1:
The following data pertain to a company that can be appropriately valued using the Gordon growth model. The dividend is expected to grow indefinitely at the existing sustainable growth rate.
The stock’s intrinsic value is closest to:
A、 $34.62.
B、 $37.94.
C、 $41.90.
Questions 2:
An investor wants to estimate the market capitalization of a company located in India and has gathered the following data:
Assuming an enterprise value multiple of 3.2×, the company’s market capitalization (in INR millions) is closest to:
A 、28.5.
B 、37.5.
C 、33.0.
【analysis】
A is incorrect. It uses payout ratio instead of retention ratio (b) to compute sustainable growth rate g = 0.45 × 15% = 6.75% V0 = $3(1.0675)/(0.16 – 0.0675) = $34.62
B is incorrect. It uses the EPS growth instead of sustainable growth rate. V0 = $3(1.075)/(0.16 – 0.075) = $37.94
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