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TTD · 2023年03月08日

为什么2016的book value 不等于2015的book value 5加上2015的RI 1.6得出的6.6

NO.PZ2018103102000064

问题如下:

Jacques prepares to update the valuation of TMT. The company’s expected ROE in 2017 is 34.5% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter.  As of the beginning of 2015, based upon the information in the below table, use the multistage-stage residual income (RI) model to determine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to:

选项:

A.

22.72.

B.

14.97.

C.

78.81.

解释:

B is correct.

考点:RI

解析:B是正确的。第一步是计算2015 - 2017年的每股剩余收益:

第二步是计算终值的现值:

PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7

那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97

为什么2016的book value 不等于2015的book value 5加上2015的RI 1.6得出的6.6呢

1 个答案

王园圆_品职助教 · 2023年03月08日

嗨,从没放弃的小努力你好:


同学你好,book value是equity value 他的计算方式是遵循的BASE法则

期初的equity book value + 本期增加(NI) -本期减少(dividend)=期末的equity book value

所以这里计算的2016年初也就是2015年末的equity book value = 5+2 - 1.2 = 5.8


RI是指NI相对于BV*Re超额的部分,和计算equity book value(也就是BV)是没有关系的

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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