权益证券投资：行业与公司分析(二)
(总分50,考试时间90分钟)
单项选择题
1. All else equal, which of the following would most likely cause a firm"s price-earnings ratio to decline?
A. The level of inflation is expected to decline.
B. The dividend payout ratio increases.
C. The yield on Treasury bills increases.
2. Which of the following statements about stock valuation is least likely correct?
A. If estimated value ＜ the market price, buy the stock : it"s under priced.
B. If the expected rate of return ＞ the required rate, buy the stock; it"s under priced.
C. If the expected rate of return ＜ the required rate, don"t buy the stock; it"s under priced.
3. Study the following information, calculate the expected rate of return.
index is now selling at $490.
market index multiplier is expected to be 5X.
index earnings is expected to be $100.
dividend payment is expected to be $40.
A. 10%.
B. 20%.
C. 30%.
4. Which of the following is NOT an assumption of the constant growth dividend discount
model (DDM)?
A. The growth rate of the firm is higher than the overall growth rate of the economy.
B. ROE is constant.
C. Dividend payout is constant.
5. All of the following factors affects the firm"s P/E ratio EXCEPT:
A. the expected interest rate on the bonds of the firm.
B. growth rates of dividends.
C. expected dividend payout ratio.
6. Baker Computer earned $6.00 per share last year, has a retention ratio of 55 percent, and a return on equity (ROE) of 20 percent. Assuming their required rate of return is 15 percent, how much would an investor pay for Baker on the basis of the earnings multiplier model?
A. $173.90.
B. Need growth rate to complete calculation.
C. $74.93.
7. Day and Associates is experiencing a period of abnormal growth. The last dividend paid by Day was $0.75. Next year, they anticipate growth in dividends and earnings of 25 percent followed by negative 5 percent growth in the second year. **pany will level off to a normal growth rate of 8 percent in year three and is expected to maintain an 8 percent growth rate for the foreseeable future. Investors require a 12 percent rate of return on Day.
What is the approximate amount that an investor would be willing to pay today for the two years of abnormal dividends?
A. $1.55.
B. $1.83.
C. $1.62.
8. Assume that a firm has an expected dividend payout ratio of 20%, a required rate of return of 9% , and an expected dividend growth of 5%. What is the firm"s estimated price-to-earnings (P/E) ratio?
A. 5.00.
B. 10.00.
C. 20.00.
9. Given the following estimated financial results, value the stock of Fish Chips, Inc. , using the infinite period dividend discount model (DDM).
Sales of $1000000
Earnings of $150000
Total assets of $800000
Equity of $400000
Dividend payout ratio of 60.0%
Average shares outstanding of 75000
Real risk free interest rate of 4.0%
Expected inflation rate of 3.0%
Expected market return of 13.0%
Stock Beta at 2.1
The per share value of Fish Chips stock is approximately: (Note: Carry calculations out to at least 3 decimal places. )
A. $17.91.
B. $26.86.
C. -$26.39.
10. All of the following variables affect the price-to-cash flow ratio EXCEPT:
A. dividend rate.
B. depreciation rate.
C. growth rate.
11. Which of the following would NOT be a reason for market, industry, **pany analysis?
A. Firms within a given industry perform differently.
B. The market is generally a very **ponent of security returns.
C. Single industries perform consistently over time.
12. An analyst gathered the following information about Weston Chemical"s stock:
Estimated sales per share = $12.19
Earnings before interest, taxes, depreciation, and amortization (EBITDA) = 73%
Interest expense per share = $2.07
Depreciation expense per share = $6.21
The tax rate =35%
Weston"s estimated Earnings per Share (EPS) is closest to?
A. $0.40.
B. $2.54.margin rate
C. $3.11.
13. An analyst gathered the following information about a company:
Net profit margin 5.0%
Total asset turnover 2.0
Total assets/equity 2.5
Beta for **pany"s stock 1.5
Expected rate of return on the market index 10.0%
Risk-free rate of return 5.0%
The analyst expects the information above to accurately reflect the future. If **pany wants to achieve a growth rate of at least 15% without changing its capital structure or issuing new equity, the maximum dividend payout ratio for **pany would be closest to:

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