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NEW QUESTION: 1
Dewpoint Systems is a renowned firm, with a total asset turnover of 1.3. A conservative firm, it has a low debt-to-equity ratio of 0.2. It manages to keep 15% of its sales as net profit and pays out 63% of the earnings as dividends. It has a beta of 0.79, at a time when the market risk premium is 6.3%. Assuming a risk-free investment rate of 6.4%, Dewpoint's price-to-earnings multiple equals ________.
A. 23.16
B. 18.22
C. 13.62
D. 11.59
Answer: A
Explanation:
Explanation/Reference:
Explanation:
The Dividend Discount Model implies that the firm's price-to-earnings ratio is given by Po/E1 = (D1/E1)/(k- g) = (dividend payout ratio)/(k-g), using standard notation.
The dividend growth rate is given by g = ROE*(1-dividend payout ratio).
ROE = net income/common equity = (net income/sales)*(sales/assets)*(assets/equity) = profit margin * asset turnover*(1 + debt / equity) = 0.15 * 1.3*(1+0.2) = 23.4%.
Therefore, g = 23.4%*(1-63%) = 8.66%.
The CAPM expected rate of return on the stock is equal to the risk-free rate plus beta times the market premium. So the expected return on the stock is 6.4% + 0.79 * 6.3% = 11.38%. Therefore, the price-to- earnings ratio equals 0.63/(11.38 - 8.66)% = 23.16.

NEW QUESTION: 2
ユーザーが[所有していない]レコードへのパブリック読み取り専用アクセス権を持っている場合、次のことが当てはまります。
A. ユーザーはレコードを表示できますが、編集することはできません
B. ユーザーはレコードを検索できます
C. ユーザーはレコードの所有者を変更できます
D. ユーザーはレコードを表示および削除できますが、編集することはできません
E. ユーザーはレコードについてレポートできます
Answer: A,B,E

NEW QUESTION: 3
A company has merged its two existing SANs that were in adjacent buildings. The data center in each location had been utilizing at least half of its total SAN bandwidth. Now they now plan to migrate all production data to one data center and replicate that data across the new ISLs to the other data center which will now only be used for for disaster recovery purposes. What is the potential impact to performance after completing this reconfiguration?
A. decreased performance for production traffic
B. ISL over-subscription will determine performance
C. increased performance for production traffic
D. no change to SAN performance
Answer: A

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