NO.PZ2018103102000105
问题如下:
Matt is evaluating Company M by using the multistage residual income model. He has forecasted that residual income per share will be constant from year 3 into perpetuity and the short-term ROE is higher than the long-term ROE. He has also estimated the earnings and dividends for the following three years in the following table. What`s the intrinsic value of Company M?
选项:
A.$27.18
B.$48.91
C.$55.43
解释:
C is correct.
考点:Multistage Residual Income Valuation
解析:先计算出每一年的BV
BV1 = BV0 + EPS - Dividends per share = 28.25 + 6.5 - 1.75 = $33,同理可得BV2 = $38.19,BV3 = $43.15
再计算出每一年的RI
RI1 = EPS1 – re*B0 = 6.50-10.9%*28.25 = $3.42,同理可得RI2 = $4.22,RI3 = $2.77
终值的现值:
您好,
题中有提到长期的ROE为14.5%低于短期(3年)的ROE。解答中计算PVRI3是用RI3/Re。我的问题是,PVRI3=RI3/RE不是假设衰减因子w=1的时候才可以使用吗?题中长期ROE下行不会影响到w,是不是应该用RI3/(1+re-w)?
谢谢