开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

NANK · 2023年07月18日

Multistage Residual Income Valuation

  1. CFA II
  2. Equity

NO.PZ2023032701000063

问题如下：

Raman collects additional data for valuing PBRI using the multistage RI model. For this model, he assumes an annual growth rate of residual income of 15% during the forecast horizon of 5 years (Years 1 to 5) and discounts the terminal year’s residual income as a perpetuity. Other inputs are found in Exhibit 3.

Exhibit 3 Data for Residual Income Model

Using the data in Exhibit 3, Raman's estimate of the contribution that the terminal value of the residual income stream in 5 years will contribute to the current value of equity is closest to:

选项：

A.

$42.25

B.

$61.91

C.

$48.82

解释：

Using a multi-stage residual income model and the data in Exhibit 3:

Equity charge = Equity capital × Cost of equity capital= 20.97 × 0.124 = $2.60 million

Residual income of the more recent year = Net income – Equity charge= 8.00 – 2.60 = $5.40 million

Raman’s assumed growth rate during the forecast period of five years = 15%

Annual residual income during the no growth period (after Year 5) = 5.40 × (1.15)5 = $10.86

Present value (PV) of the residual income from perpetual period, as at T = 5 = ($10.86/0.124)=$87.58

PV of the perpetual period residual income at T0= 87.58/(1.124)5=$48.82

这道题题中的单位是 miliion dollar，算着算着答案单位变成了 dollar ，是不是单位错了呀？

添加评论
1 个答案
已采纳答案

王园圆_品职助教 · 2023年07月18日

同学你好，后面应该只是解析为了书写方便做了省略，助教会跟教研组反映一下添加上million的，谢谢你的提醒哦

  • 1

    回答

  • 0

    关注

  • 310

    浏览
相关问题

NO.PZ2023032701000063 问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25 B.$61.91 C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 没太理解这道题的意思，老师麻烦可以帮忙详细下这道题吗？辛苦啦

2024-09-05 11:37 1 · 回答

NO.PZ2023032701000063问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25B.$61.91C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 根据已知条件，NI是most recent，所以RI求的也是most recent。至此5.4才是RI0，之后每年增长15%，第5年后永续增长。最后将T5时候的终值折现到0时刻。是这么逻辑顺序吧

2024-05-13 00:45 1 · 回答

NO.PZ2023032701000063问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25B.$61.91C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million RI5=RI1*1.15^5 为什么不是4次方，求的RI1已经是第一年末了呀 后面只有四年了啊？

2024-04-29 23:08 1 · 回答

NO.PZ2023032701000063 问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25 B.$61.91 C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 老师，您好！题中给出的初始equity是20.97，NI是8，我理解这是最近年份的财务数据。但是关键疑问是20.97的equity中包含了net income 的8 中的部分 retaineearnings吗？即一年的净利润是8，那20.97的equity是期初的还是期末的equity ？这导致后续计算完全不同。麻烦老师一下，谢谢！

2024-04-18 10:57 1 · 回答

NO.PZ2023032701000063问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25B.$61.91C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 老师，如果这里要求总的PV，那RI5需要和PV RI5一起向前折5年吗？还是PVRI5包含了RI5呢？

2024-04-14 08:52 1 · 回答