Question

一道金融题 英文

The Company balance sheet for year-end 2012 shows that Total assets of $5,200 include Plant, property, & equipment (PP&E) of $3,500 . The assets are financed by Debt of $1,900 and Stockholders' equity of $3,300 (there are 450 shares outstanding). For year 2013 the company forecasts sales of $13,000 , a net profit margin (= net income / sales) of 6.7%, a dividend payout ratio (=dividends / net incom
e) of 45%, and depreciation that is 21% of beginning-of-year PP&E. Throughout year 2013 Debt remains unchanged. The company expects to make capital expenditures such that for the year-end 2013 balance sheet PP&E is $400 larger than it is on the 2012 balance sheet above. Suppose the Capital expenditure is financed exclusively by issuing new equity at the stock price of year-end 2012. Also, suppose the equity price-to-book ratio is constant at 2.4 . Find the stockholder's annual rate of return for year 2013. 答案是：34.6%
请解释详细点

Answer 1

先计算出12年底的股票价格:3300/450*2.4=17.6
再计算出13年的融资额（括号里面的=1135）和发行股数:(3300*.21+400)/17.6=65(考虑应该不能发0.5股所以将64.5取整了，实际答案不知道是否允许0.5股)
再计算出13年末的每股价格：(33000+13000*0.067*0.55+1135)/(450+65)*2.4=22.9
年收益是股票的价格增值加股息:(22.9+13000*0.067*0.45/(450+65))/17.6-1=0.345