"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.

Equity Investments:dividend

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:

Equity Investments:dividend

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.

View answer resolution

【Answer to question 1】C

【analysis】

Equity Investments:dividend

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

【Answer to question 2】B

【analysis】

Equity Investments:dividend