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Consider Two Companies Based in a Country with an Inflation

question 5

Essay

Consider two companies based in a country with an inflation rate of 2%. There is no real growth in earnings. The real rate of return required by global investors for this type of stock investment is 5%.
a. Assume that the Company A can only pass 60% of inflation through its earnings. What should be its P/E using prospective earnings?
b. Assume that the Company B can pass the full inflation through its earnings. What should be its P/E using prospective earnings?


Definitions:

Productivity

A measure of the efficiency of production, often expressed as the ratio of output to input within a specific period.

Marginal Revenue Product

The additional revenue a firm generates from employing one more unit of input, such as labor or capital.

Productivity

An evaluation of how effectively a person, machine, factory, or system transforms inputs into valuable outputs.

Pure Rent

The return to any factor of production that is in fixed supply.

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