"Equity Investments":Understanding Income Statements

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Questions 1:

The following information is available about a company:

Equity Investments:Understanding Income Statements

The current value per share of the company’s common stock according to the two-stage dividend discount model is closest to:

A、 $39.36.

B、 $49.20.

C、 $52.86.

Questions 2:

After a two-for-one stock split, which of the following will most likely change relative to its pre-split value?

A、 Earnings per share (EPS)

B、 Price-to-earnings ratio (P/E)

C、 Dividend payout ratio

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. Net profit margin = Net earnings/Sales Net earnings = Net profit margin × Sales Dividends per share (Dn) = (Net earnings × Payout ratio)/Number of outstanding shares Therefore,

Equity Investments:Understanding Income Statements

【Answer to question 2】A

【analysis】

A is correct. A two-for-one stock split will double the number of shares, thus reducing the EPS to half of its pre-split value. P/E will remain unchanged because the price also reduces by half and exactly cancels out the effect of the reduced EPS. The dividend payout ratio remains unchanged because the same proportion of earnings will still be used after the split.

C is incorrect because the dividend payout ratio is unchanged.

B is incorrect because the P/E ratio is unchanged.

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