Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 11.00

Peninsular Research

(Adapted from 2001 CFA Level I1 exam) Peninsular Research is initiating coverage of a mature manufacturing industry. John Jones, CFA, head of the research department, gathers the information given in Exhibit 20-1 to help in his analysis.

EXHIBIT 20-1 Fundamental industry and Market Data

Forecasted industry earnings retention rate

40%

Forecasted industry return on equity

25%

Industry beta

1.2

Government bond yield

6%

Equity risk premium

5%

A. Compute the price to earnings (Po/EI) ratio for the industry based on the fundamental data in Exhibit 20-1. Show your work. Jones wants to analyze how fundamental PIES might differ among countries. He gathers the data given in Exhibit 20-2:

EXHIBIT 20-2 Economic and Market Data

Fundamental Factors

Country A

Country B

Forecasted growth in real gross domestic product

5%

2%

Government bond yield

10%

6%

Equity risk premium

5%

4%

B. Determine whether each of the fundamental factors in Exhibit 20-2 would cause PIES to be generally higher for Country A or higher for Country B. Justify each of your conclusions with one reason. Note: Consider each fundamental factor in isolation, with all else remaining equal.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 08:08 PM My Price 11.00

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