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TSM currently has 0.25 payout ratio for dividends. The company has ROE of 15% and required return of 12%. If the company increase the payout

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TSM currently has 0.25 payout ratio for dividends. The company has ROE of 15% and required return of 12%. If the company increase the payout ratio to 0.4, how much will the forward P/E ratio change

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