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NANK · 2023年07月17日

Multistage Residual Income Valuation

  1. CFA II
  2. Equity

NO.PZ2023032701000061

问题如下：

Use the following inputs and the finite horizon form of the residual income model to compute the value of Southern Trust Bank (STB) shares as of31 December 2007:

• ROE will continue at 15 percent for the next five years (and 10 percent thereafter) with all earnings reinvested (no dividends paid).

• Cost of equity equals 10 percent.

• B0 = $10 per share (at year-end 2007).

• Premium over book value at the end of five years will be 20 percent.

The value would be:

选项：

A.

$15.01

B.

$15.18

C.

$15.39

解释：


请问这道题计算 terminal value 的时候，我看到答案是用的P/B乘数的计算方法。但是5年以后的ROE是10%，等于r_e，那可不可以认为5年之后每年的RI=(ROE-r_e)*B=0，那么terminal value =PVRI5就等于零？

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王园圆_品职助教 · 2023年07月17日

不能哦同学，因为题目都已经说了 “Premium over book value at the end of five years will be 20 percent”

我们要根据老师上课列出的PVRI计算终值的方法来看的话，就只有第四种可以用哦

而且你用RI=0计算出来的PVRI不是也不对，得不到答案吗？这个时候就只能转换思路看看是不是有别的条件没用上了呢

RI这里的题目很多都出的不是那么严谨，但是我们只有按照出题人想要我们思考的方向去zuoti才能做对题目并最终通过考试，同学适应一下出题人思路就好了

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