NO.PZ2018103102000064
问题如下:
Jacques prepares to update the valuation of TMT. The company’s expected ROE in 2017 is 34.5% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter. As of the beginning of 2015, based upon the information in the below table, use the multistage-stage residual income (RI) model to determine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to:
选项:
A.22.72.
B.14.97.
C.78.81.
解释:
B is correct.
考点:RI
解析:B是正确的。第一步是计算2015 - 2017年的每股剩余收益:
第二步是计算终值的现值:
PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7
那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97
请问老师,这道题的答案计算方式,是不是老师上课说的书上的提前一年折现的方法。
我最后得出了答案是14.984,几乎和选项是匹配的是不是就是对的。
我看我和答案唯一相差的就是PVRI2017年末这块,我用(1.882*0.85)/(1+8%-0.85)得到6.995,
再和RI3 =1.882相加,再往回折现3年求出来的。