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kevinzhu · 2022年07月15日

计算器中FV

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NO.PZ201601050300000210

问题如下：

10. Based upon Exhibit 1 and Assumptions 1 and 2, the value of Property B using the discounted cash flow method, assuming a five-year holding

period, is closest to:

选项：

A.

£4,708,700.

B.

£5,035,600.

C.

£5,050,900.

解释：

B is correct.

The value of Property B using the discounted cash flow method is £5,035,600.

The value using the discounted cash flow method is based on the present value of the net operating income (NOI) and the estimated property resale price.

Calculate NOI (constant during five-year holding period from Assumption 2)

NOI = rental income (at full occupancy) + other income – vacancy and collection loss – property management fee – other operating expenses

NOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000

Estimate property value at end of five years:

NOI starting in year 6 is 20% higher due to lease rollovers (from Assumption 2)

NOI starting in year 6 = £463,000 × 1.20 = £555,600

Terminal cap rate (given) = 11%

Applying the terminal cap rate yields a property value of £5,050,909 (= £555,600/0.11)

Find the present value of the expected annual NOI and the estimated property resale value using the given discount rate of 9.25%:

N = 5

FV = £5,050,909

PMT = £463,000

I = 9.25

Solving for PV, the current value of the property is estimated to be £5,034,643, or £5,034,600 rounded.

考点：现金流折现法估计房地产价值

解析：可以按照以下思路进行计算，注意计算terminal value需要使用terminal cap rate, 而不是going-in cap rate.

Step 1: 计算NOI

net operating income (NOI) = rental income + other income –  vacancy and collection loss –  property management costs

NOI = £610,000 + £183,000 –  £61,000 –  £35,000 –  £234,000 = £463,000

Step 2: 计算终值

第五年末的终值 terminal value = £463,000*(1+20%)/11%= £5,050,909

注意这里 1.相当于投资期结束卖给下一个投资者的价值的折现，所以这里用terminal cap rate 2 .从第六年开始，NOI增长20%。

Step 3：直接用计算器CF计算value，I/Y=9.25%, N = 5, FV = £5,050,909, PMT = £463,000, => CPT PV = £5,034,643，约算成£5,034,600.

FV的取值不理解？这道题不用计算器的计算方法？

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2 个答案

Lucky_品职助教 · 2023年04月03日

嗨，爱思考的PZer你好：


回复𝒜𝒩𝒥𝒜 安雅：你这种方法也可以，但注意期间现金流都是463000，你少写了一个0。平时练习可以举一反三，尝试多种算法，考试时还是用最快速的方法做题哦

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加油吧，让我们一起遇见更好的自己！

Lucky_品职助教 · 2022年07月16日

嗨，从没放弃的小努力你好：


我们这里第五年末的终值 terminal value = NOI 6/ terminal cap rate，也就是NOI 5*(1+g)/(r-g)，等于将第6年的现金流折到第5年 , 我们先算出了NOI 5，根据assumption 2可知g=20%，这样算出了NOI 6，terminal cap rate就是我们熟悉的r-g（在房地产模块把这个叫作cap rate），在exhibition 1中给出了这个值是11%，以上我们算出了FV，用计算器第二排的公式，就可以算出PV。因为本题有5年，我们在考试时直接按计算器更快，计算器的使用也是考试的一部分哦

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努力的时光都是限量版，加油！

𝒜𝒩𝒥𝒜 安雅🎃 · 2023年04月01日

助教你好，我是用计算器中CF和NPV的功能来算，CF1=463000，CF2=46300，CF3=46300，CF4=46300，CF5=46300+5050909，I/R=9.25，NPV=5034642.78。我对现金流的理解是正确吗？谢谢。

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NO.PZ201601050300000210 问题如下 10. Baseupon Exhibit 1 anAssumptions 1 an2, the value of Property B using the scountecash flow metho assuming a five-yeholngperio is closest to: A.£4,708,700. B.£5,035,600. C.£5,050,900. B is correct.The value of Property B using the scountecash flow methois £5,035,600.The value using the scountecash flow methois baseon the present value of the net operating income (NOI) anthe estimateproperty resale price.Calculate NOI (constant ring five-yeholng periofrom Assumption 2)NOI = rentincome (full occupancy) + other income – vacanancollection loss – property management fee – other operating expensesNOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000Estimate property value enof five years:NOI starting in ye6 is 20% higher e to lease rollovers (from Assumption 2)NOI starting in ye6 = £463,000 × 1.20 = £555,600Termincrate (given) = 11%Applying the termincrate yiel a property value of £5,050,909 (= £555,600/0.11)Finthe present value of the expecteannuNOI anthe estimateproperty resale value using the given scount rate of 9.25%:N = 5FV = £5,050,909PMT = £463,000I = 9.25Solving for PV, the current value of the property is estimateto £5,034,643, or £5,034,600 roun 考点现金流折现法估计房地产价值解析可以按照以下思路进行计算，注意计算terminvalue需要使用termincrate, 而不是going-in crate.Step 1: 计算NOInet operating income (NOI) = rentincome + other income – vacanancollection loss – property management costsNOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000Step 2: 计算终值第五年末的终值 terminvalue = £463,000*(1+20%)/11%= £5,050,909注意这里 1.相当于投资期结束卖给下一个投资者的价值的折现，所以这里用termincrate 2 .从第六年开始，NOI增长20%。Step 3直接用计算器CF计算value，I/Y=9.25%, N = 5, FV = £5,050,909, PMT = £463,000, = CPT PV = £5,034,643，约算成£5,034,600. 这句话结合前面那句一次性20%增长的意思我理解的是第六年的NOI是第五年的1.2倍，往后每年的NOI不会有增长，所以跟第六年一样。这样的话terminvalue其实就是个永续的第六年NOI，应该用NOI6 / r 即可。为什么要用termincrate，这个crate隐含了一个g，但是不是没有g吗？

2023-08-11 10:08 2 · 回答

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2022-11-11 17:48 1 · 回答

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2022-06-08 21:17 1 · 回答

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2022-05-09 16:44 3 · 回答