Assume the following information for a stock:
P/E = D/E1 / (k − g)
D/E1 = Dividend payout ratio = 0.3
g = 0.11
k = 6 + (1.5)(14 − 6) = 18%
P/E = 0.3 / (0.18 − 0.11) = 0.3 / 0.07 = 4.29
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