{"id":17761,"date":"2021-07-15T10:05:54","date_gmt":"2021-07-15T10:05:54","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=17761"},"modified":"2026-05-07T07:01:59","modified_gmt":"2026-05-07T07:01:59","slug":"gordon-growth-model-and-the-price-to-earnings-ratio","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/gordon-growth-model-and-the-price-to-earnings-ratio\/","title":{"rendered":"Gordon Growth Model and the Price-to-Earnings Ratio"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"The trailing P\/E ratio is closest to:\",\r\n    \"text\": \"Given the following information:\\n- Current stock price = $22.00\\n- Trailing earnings per share = $3.80\\n- Current annual dividends = $1.20\\n- Required rate of return = 13%\\n- Dividend growth rate = 8%\\n\\nThe trailing P\/E ratio is closest to:\\nA. 8.00.\\nB. 3.50.\\nC. 6.91.\",\r\n    \"answerCount\": 3,\r\n    \"suggestedAnswer\": [\r\n      { \"@type\": \"Answer\", \"text\": \"A. 8.00.\" },\r\n      { \"@type\": \"Answer\", \"text\": \"B. 3.50.\" },\r\n      { \"@type\": \"Answer\", \"text\": \"C. 6.91.\" }\r\n    ],\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"C. 6.91.\\n\\nUsing the Gordon Growth implied trailing P\/E:\\nP0\/E0 = [D0(1+g)\/E0] \/ (r - g)\\n\\nFirst compute the payout ratio: D0\/E0 = 1.20\/3.80 \u2248 0.32.\\nThen:\\nP0\/E0 \u2248 (0.32 \u00d7 1.08) \/ (0.13 - 0.08) = 0.3456 \/ 0.05 = 6.91.\"\r\n    }\r\n  }\r\n}\r\n<\/script><\/p>\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/fiJA5WhgigU\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\r\n\r\n<p>The price-to-earnings ratio (P\/E) is the most widely recognized valuation indicator. Using the Gordon growth model, a P\/E multiple can be developed. When forecasted inputs are used in the multiple, a justified fundamental P\/E multiple is obtained. The expression of P\/E can be stated in terms of current or leading P\/E.<\/p>\r\n<h4>i. Current (or Trailing) P\/E<\/h4>\r\n<p>This is calculated using today\u2019s market price per share divided by the trailing 12 months\u2019 earnings per share.<\/p>\r\n<p>$$\\begin{align*} \\frac{P_0}{E_0} &amp; = \\frac{(\\text{D}_0(1+\\text{g}))\u2044\\text{E}_0}{\\text{r}-\\text{g}}\\\\ \\\\ &amp;=\\frac{(1-\\text{b})(1+\\text{g})}{\\text{r}-\\text{g}} \\end{align*}$$<\/p>\r\n<p>Where:<\/p>\r\n<p>\\(\\text{b}=\\) Retention ratio.<\/p>\r\n<p>\\((1-\\text{b})=\\) Dividend payout ratio.<\/p>\r\n<div style=\"text-align: center; margin: 28px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 10px 22px; border: 1.5px solid #1a73e8; border-radius: 999px; color: #1a73e8; font-size: 15px; font-weight: 600; text-decoration: none; line-height: 1.3;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Practice P\/E valuation with our Free Trial <\/a><\/div>\r\n<h4>ii. Leading (or Forward) P\/E<\/h4>\r\n<p>This is calculated using today\u2019s market price per share divided by a forecast of the 12 months\u2019 earnings per share.<\/p>\r\n<p>$$\\begin{align*} \\frac{\\text{P}_0}{\\text{E}_1} &amp; = \\frac{\\text{D}_1\u2044\\text{E}_1}{\\text{r}-\\text{g}}\\\\ \\\\ &amp;= \\frac{1-\\text{b}}{\\text{r}-\\text{g}} \\end{align*}$$<\/p>\r\n<h4>Example: Gordon Growth Model and the Price-to-Earnings Ratio<\/h4>\r\n<p>Given the following information:<\/p>\r\n<ul>\r\n\t<li>Current stock price = $24.00<\/li>\r\n\t<li>Trailing earnings per share = $1.80<\/li>\r\n\t<li>Current annual dividends = $0.60<\/li>\r\n\t<li>Required rate of return = 12%<\/li>\r\n\t<li>Dividend growth rate = 4%<\/li>\r\n<\/ul>\r\n<p>The justified trailing and leading P\/Es based on the Gordon growth model would be:<\/p>\r\n<h4>i. Justified Trailing P\/E<\/h4>\r\n<p>$$\\begin{align*}\\frac{\\text{P}_0}{\\text{E}_0} &amp;=\\frac{\\text{D}_{0}(1+\\text{g})\/\\text{E}_{0}} {(\\text{r}-\\text{g})} \\\\ \\\\ &amp;= \\frac{(1-\\text{b})(1+\\text{g})}{\\text{r}-\\text{g}}\\\\ \\\\ &amp;= \\frac{(0.333)(1.04)}{0.08}\\\\ \\\\ &amp; = 4.33\\end{align*}$$<\/p>\r\n<h4>ii. Justified Leading P\/E<\/h4>\r\n<p>$$\\begin{align*}\\frac{\\text{P}_0}{\\text{E}_1} &amp;=\\frac{\\text{D}_1\u2044\\text{E}_1}{\\text{r}-\\text{g}}\\\\ \\\\&amp;= \\frac{1-\\text{b}}{\\text{r}-\\text{g}}\\\\ \\\\&amp;=\\frac{0.333}{0.08}\\\\ \\\\&amp;=4.16\\end{align*}$$<\/p>\r\n<p>Notice that the market is valuing the firm\u2019s earnings more than that is justified by the firm\u2019s fundamentals; thus, the stock is overvalued.<\/p>\r\n<p>$$ \u00a0\\text{Actual P\/E}=\\frac{24}{1.80}=13.33 $$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>Given the following information,<\/p>\r\n<ul>\r\n\t<li>Current stock price = $22.00<\/li>\r\n\t<li>Trailing earnings per share = $3.80<\/li>\r\n\t<li>Current annual dividends = $1.20<\/li>\r\n\t<li>Required rate of return = 13%<\/li>\r\n\t<li>Dividend growth rate = 8%<\/li>\r\n<\/ul>\r\n<p>The trailing P\/E ratio is <em>closest<\/em> to:<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>8.00.<\/li>\r\n\t<li>3.50.<\/li>\r\n\t<li>6.91.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is C.<\/strong><\/p>\r\n<p>$$\\begin{align*}\\frac{\\text{P}_0}{\\text{E}_0}&amp; =\\frac{\\text{D}_0 (1+\\text{g})\u2044\\text{E}_0}{\\text{r}-\\text{g}} \\\\ \\\\&amp;= \\frac{(1-\\text{b})(1+\\text{g})}{\\text{r}-\\text{g})}\\\\ \\\\&amp;= \\frac{(0.32)(1.08)}{0.05}\\\\ \\\\&amp;=6.91\\end{align*}$$<\/p>\r\n<\/blockquote>\r\n<p>Reading 23: Discounted Dividend Valuation<\/p>\r\n<p><em>LOS 23 (g) C<\/em><em>alculate and interpret the justified leading and trailing P\/Es using the Gordon growth model.<\/em><\/p>\r\n\r\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-block; padding: 10px 26px; background: #3f78d7; color: #fff; border-radius: 40px; font-size: 16px; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\r\n<p style=\"margin-top: 10px; max-width: 600px; margin-left: auto; margin-right: auto; font-size: 14px;\">Solve CFA Level II questions on the Gordon Growth Model, forward P\/E ratios, and equity valuation techniques.<\/p>\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The price-to-earnings ratio (P\/E) is the most widely recognized valuation indicator. Using the Gordon growth model, a P\/E multiple can be developed. When forecasted inputs are used in the multiple, a justified fundamental P\/E multiple is obtained. The expression of&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,401],"tags":[216,402,446,440],"class_list":["post-17761","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-equity-valuation","tag-cfa-level-2","tag-equity-valuation","tag-gordon-growth-model-and-the-price-to-earnings-ratio","tag-reading-27-discounted-dividend-valuation","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gordon Growth Model and P\/E Ratio Analysis<\/title>\n<meta name=\"description\" content=\"Learn how the Gordon Growth Model and P\/E ratio are used to value stocks using dividends, earnings, growth rates, and required return.\" \/>\n<meta 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