NO.PZ201512300100000903
问题如下:
3. What is the terminal value of the stock based on the second approach (earnings multiple)?
选项:
A.C$12.12.
B.C$28.29.
C.C$33.09.
解释:
B is correct.
V8/E8=17
D8/E8=1-0.70=0.30
From the table with the calculation details for the solution to Problem 22,
D8= C$0.4992. So, 0.4992/ E8 = 0.30, which means that E8=0.4992/0.30 = 1.6640.
V8/E8=17 implies that V8/1.6640 = 17, which gives V8 = 17(1.6640) = C$28.2880.
28.29只是8时刻的价值,我感觉应该把第一阶段的折现也加上,站在0时刻求价值。
我对比了一下第一小问和这道题,问法一样,所以我觉得应该站在0时刻。