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Assuming both companies are fairly priced, if Company Low has a P/E ratio of 10 and Company High has a P/E ratio of 20, which of the following is a reasonable explanation of the P/E ratios: a. Assuming the same risk levels, Company Low has more expected growth than Company High b. Company Low has the same growth rate but less risk than Company High c. While both companies will grow at the same rate for the next two years, Company Low will stop growing while Company High will continue growing at that rate d. Company High has dividends per share and earnings per share that are twice as large as Company Low A stock trades for $15, has earnings per share of $1.50 and does not pay a dividend. You think the stock will grow faster than the market for three years and then grow at the rate of an average company. If the market has a P/E of 10, the P/E Model would suggest that you: a. Buy the stock b. Short the stock c. Buy the stock in three years d. Wait for the company to declare a dividend before buying If both the tax rate of a company and the level of maintenance capital expenditures fell permanently, and nothing else changed, the value of the DCF for a company would: a) Increase b) Decrease c) Remain the same d) Fall if the capital expenditures are higher than the tax payments, and vice versa You estimate that The ABC Company can grow earnings for 15% per year for the next five years before its growth rate drops to 5% per year. The market's expected long-term growth rate is 5% per year. If the fair market P/E is 15, what is the fair P/E for the ABC Company? a) 15 b) 16.5 C) 23.6 d) 27.5 I If you were using a discounted cash flow model to value a restaurant chain and you found it entered into 10-year unbreakable leases that were long-term liabilities: a) You would increase the interest expense line of the model b) The lease obligations would reduce your equity value c) The lease obligations would increase your equity value d) You can ignore of the lease obligations because they are not on the balance sheet