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Carolyne · 2024年04月29日

为什么是4次方

  1. CFA II
  2. Equity

NO.PZ2023032701000063

问题如下：

Raman collects additional data for valuing PBRI using the multistage RI model. For this model, he assumes an annual growth rate of residual income of 15% during the forecast horizon of 5 years (Years 1 to 5) and discounts the terminal year’s residual income as a perpetuity. Other inputs are found in Exhibit 3.

Exhibit 3 Data for Residual Income Model

Using the data in Exhibit 3, Raman's estimate of the contribution that the terminal value of the residual income stream in 5 years will contribute to the current value of equity is closest to:

选项：

A.

$42.25

B.

$61.91

C.

$48.82

解释：

Using a multi-stage residual income model and the data in Exhibit 3:

Equity charge = Equity capital × Cost of equity capital= 20.97 × 0.124 = $2.60 million

Residual income of the more recent year = Net income – Equity charge= 8.00 – 2.60 = $5.40 million

Raman’s assumed growth rate during the forecast period of five years = 15%

Annual residual income during the no growth period (after Year 5) = 5.40 × (1.15)5 = $10.86 million

Present value (PV) of the residual income from perpetual period, as at T = 5 = ($10.86/0.124)=$87.58 million

PV of the perpetual period residual income at T0= 87.58/(1.124)5=$48.82 million

RI5=RI1*1.15^5 为什么不是4次方，求的RI1已经是第一年末了呀 后面只有四年了啊？

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1 个答案

王园圆_品职助教 · 2024年04月29日

同学你好，题目给的条件是most recent year's NI （最近已经发生了的NI）而不是预测的未来的NI，所以求出来的RI = 5.4也是most recent year's RI,也就是0时刻的RI0

RI1是未来的预测的RI，和0时刻的RI0是需要严格区分开来的

所以RI5 = RI0*1.15^5这个公式的表达是没有问题的哦

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