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皓月 · 2023年03月14日

老师我想问一下计算结果

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NO.PZ201710200100000409

问题如下:

9. The persistence factor suggested by Beckworth will lead to a multistage value estimate of TTCI’s shares that is:

选项:

A.

less than Castovan’s multistage value estimate.

B.

equal to Castovan’s multistage value estimate.

C.

greater than Castovan’s multistage value estimate.

解释:

A is correct.

In Castovan’s multistage valuation, she assumes that TTCI’s residual income will remain constant in perpetuity after Year 3. This perpetuity assumption implies a persistence factor of 1 in the calculation of the terminal value. A persistence factor of 0.10 indicates that TTCI’s residual income is forecasted to decline at an average rate of 90% per year. This assumption would lead to a lower valuation than Castovan’s multistage value estimate, which assumes that residual income will remain constant in perpetuity after Year 3.

假如最后算上persistent factor

那结果是不是 year3 = 3.47255

然后year4 往前这一年

 (1+0.120.1)(3.472550.1) ,然后得到结果后再往前折现三年??


1 个答案

王园圆_品职助教 · 2023年03月14日

嗨,从没放弃的小努力你好:


同学你好,你的逻辑是正确的哦

----------------------------------------------
努力的时光都是限量版,加油!

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NO.PZ201710200100000409 嗨,爱思考的PZer你好 根据公式,PVRI(t-1)=RI(t-1)*w/(1+r-w). C同学假设TTCI的剩余收入在第3年之后将保持不变。这种永久性假设意味着在计算最终值时,w为1。也就是PVRIt-1=RI(t-1)/r,此时的PVRI是最大的。 但是根据B同学的假设,w为0.1,此时计算出来的PVRI肯定小于C同学。 ---------------------------------------------- 就算太阳没有迎着我们而来,我们正在朝着它而去,加油! 老师,复习到这里的时候,突然卡壳了,有个小疑问,w是衰减因子,是1+g,也就是w等于1的时候,无增长,g等于零,那么估值应该更低吧?也就是说,w越小,g越大,那么估值越大。这个思路错了?

2022-02-09 14:41 1 · 回答

NO.PZ201710200100000409 请问老师, 李老师上课画的图,w = 1未来 RI比 w降到很低时的RI高 可以这样理解吗? 谢谢!

2021-04-07 00:06 1 · 回答

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2021-03-09 15:55 1 · 回答