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veya gizle Ayarlar 3:1 2.1.1 1.1.1 2.1 3 I.4.1 51 6. 7. 8. 9.1.10 11 112 113 114 - 15 116 17:1 Q20) If Fledgling Electronics will pay a dividend of $10 next year; is expected to grow by 5% a year, plows back a constant 20% of earnings and has a market capitalization rate of 14% a) What is the next year's expected earnings per share (EPS 1 )? (Ans. $12.5) b) What is the return on equity (ROE)? (Ans. 25%) c) What is the present value of growth opportunities (PVGO)? (Ans. $21.82) Q21) Lets say Netscape is operating in a new industry that has recently caught on with the public. Sales are growing 80% per year. This high sales growth rate is expected to translate into a 25% growth rate in cash dividends for each of the next 4 years. After that, the dividend growth rate is expected to be 5% per year forever. The latest annual dividend paid yesterday, is $0.75. The stock's required return is 22%. What is a share of Netscape stock worth? (Ans. $7.59) Q22) How much will you pay for a stock which pays a $2 dividend the first year, a $2.10 dividend the second year, and $2.21 in the third year if you will sell the stock for $40 after three years, assuming a market capitalization rate of 13%? (Ans. $32.67) raya yazn