[单选题]

Pam Robers, CFA, is performing a valuation analysis on the common stock of Allstare Inc. The stock's beta is 1, the risk-free rate is 5%, and the market risk premium is expected to be 8%. Allstare's ROE is expected to be constant at 18%, and its dividend payout ratio has been fairly constant over time at 40%. The forward-earnings multiplier that Robers should use to estimate the current value of the shares is closest to:

A.7.

B.13.

C.20.

参考答案与解析:

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