Jawaban Analisis Laporan Keuangan Bab 6

JAWABAN ALK BAB 6

1.      Analyst forecasts of earnings per share growth typically underestimate the growth that an investor values if a firm pays dividends. Why?

We need to include the reinvestment of dividends, analysts are not using cumdividend rates, theyre using exdividend rates

Kami perlu menyertakan reinvestasi dividen, analis tidak menggunakan tarif dividen kumulatif, mereka menggunakan tarif ex dividen

2.      The historical earnings growth rate for the S&P 500 companies has been about 8.5%. Yet the required growth rate for equity investors is considered to be 12%. Could you explain the inconsistency?

The historical 8.5% growth rate that is often quoted is the ex-dividend growth rate. It ignores the fact that earnings were also earned by investors from reinvesting dividends (in the S&P 500 stocks, for example) that were typically 40% of earnings. The cum-dividend rate is about 12%.

Tingkat pertumbuhan 8,5% historis yang sering dikutip adalah tingkat pertumbuhan ex-dividend. Mengabaikan fakta bahwa pendapatan juga diperoleh oleh investor dari dividen menginvestasikan kembali (di saham S & P 500, misalnya) yang biasanya 40% dari penghasilan. Tingkat dividen kumulatif adalah sekitar 12%.

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5.      The normal forward P/E and the normal trailing P/E always differ by 1.0, representing one current dollar earning at the required return during the forward year

Normal maju P / E dan trailing biasa P / E selalu berbeda dengan 1,0, yang merupakan salah satu penghasilan dollar saat ini diperlukan kembali selama tahun depan

6.      Explain why earnings growth forecasts must be for cum-div earnings growth, yet neither cum-div growth rates nor valuation are affected by expected dividends

Cum-dividend earnings growth incorporates earnings that are earned from the reinvestment of dividends, and investors value those earnings. Ex-dividend growth rates are affected by dividends: dividends reduce assets which then earn lower earnings. As cum-dividend growth rates reflect the earnings from dividends, they are not affected by dividends. Cum-dividend growth rates are effectively the rates that firms would have if they did not pay dividends.

Kumulatif pertumbuhan laba dividen menggabungkan pendapatan yang diperoleh dari reinvestasi dividen, dan investor nilai laba mereka. tingkat pertumbuhan ex-dividen dipengaruhi oleh dividen: dividen mengurangi aset yang kemudian memperoleh pendapatan yang lebih rendah. Sebagai tingkat pertumbuhan cum dividen mencerminkan pendapatan dari dividen, mereka tidak terpengaruh oleh dividen. tingkat pertumbuhan Cum dividen secara efektif tingkat bahwa perusahaan akan memiliki jika mereka tidak membayar dividen.

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10.  How do you interpret a PEG ratio ?

The PEG ratio (price/earnings to growth ratio) is a valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share (EPS), and the company's expected growth.

11.  So P/E ratios might have been low in the 1970s because the market did not see much earnings growth in the future for the typical firm, and saw considerable growth in the 1960s and 1990s. Or the cost of capital increased in the 1970s (and fell in the 1960s and 1990s). The interest rate is one component of the  cost of capital, and interest rates were higher in the 1970s (particularly the late 1970s) than in the 1960s and 1990s.

Jadi rasio P / E mungkin rendah pada 1970-an karena pasar tidak melihat pertumbuhan banyak pendapatan di masa depan untuk perusahaan yang khas, dan melihat pertumbuhan yang cukup besar di tahun 1960-an dan 1990-an. Atau biaya modal meningkat di tahun 1970-an (dan jatuh pada tahun 1960 dan 1990-an). Tingkat suku bunga merupakan salah satu komponen biaya modal, dan tingkat suku bunga yang lebih tinggi di tahun 1970-an (terutama akhir 1970-an) dibandingkan pada tahun 1960 dan 1990-an

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13.  The forward P/E calculates the price-to-earnings ratio that uses projected future earnings. The trailing P/E, which is the standard form of the price-to-earnings ratio, is calculated using recent past earnings.

When analysts talk about the P/E ratio, they commonly refer to the trailing P/E. It is calculated by dividing the current marketvalue, or share price, by the earnings per share over the previous 12 months. This measure is considered the most reliable since it is calculated based on a company's actual performance. However, it may be a faulty estimate since a company's performance and profits typically change over time.

Maju P / E dihitung rasio harga-untuk-laba yang menggunakan proyeksi laba masa depan. Trailing P / E, yang merupakan bentuk standar rasio harga-untuk-laba, dihitung dengan menggunakan laba masa lalu.

Ketika analis berbicara tentang rasio P / E, mereka umumnya menyebut trailing P / E. Hal ini dihitung dengan membagi nilai pasar saat ini, atau harga saham, dengan laba bersih per saham selama 12 bulan sebelumnya. Langkah ini dianggap paling diandalkan karena dihitung berdasarkan kinerja aktual perusahaan. Namun, mungkin perkiraan rusak karena kinerja dan keuntungan perusahaan biasanya berubah dari waktu ke waktu.

14.  Can a firm increase its earnings growth yet not affect the value of its equity?

No, value is only created if it is greater than what is required. Firms can increase earnings through accounting methods

Tidak, nilai hanya dibuat jika lebih besar dari apa yang dibutuhkan. Perusahaan dapat meningkatkan laba melalui metode akuntansi

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