NO.PZ201710200100000408
问题如下:
8. Based on Exhibits 2 and 3 and the multistage RI model, Castovan should estimate the intrinsic value of TTCI to be closest to:
选项:
A.€54.88.
B.€83.01.
C.€85.71.
解释:
C is correct.
Residual income per share for the next three years is calculated as follows.
Because Castovan forecasts that residual income per share will be constant into perpetuity, equal to Year 3 residual income per share, the present value of the terminal value is calculated using a persistence factor of 1.
Present value of terminal value =
= =33.78
So, the intrinsic value of TTCI is then calculated as follows.
V0=\frac{45.25+3.88/1.087+3.68/(1.087)^2+33.78}=85.71
1、方法二: RI4=RI3 = 3.47, PVRI' =3.47/0.087 =39.8851
V0 = B0 + RI1/(1+r) + RI2/(1+r)^2 + RI3/(1+r)^3+PVRI'/(1+r)^3 = 45.25 + 3.88/1.087 + 3.68/1.087^2 + 3.47/1.097^3 + 39.8851/1.097^3 =85.71
第三年和以后的分母应该是1.087^3,而不是1.097^3。对吗?
2 如何从题干中判断w=1?
3 是否ROE恒定,RI就恒定?
4 计算RI3,可否用(ROE-RE)*BV2,ROE=12%