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明明要加油 · 2023年08月12日

请问老师题目表格里面给了Long-term ROE,这个是用不上吗,是干扰项吗?

NO.PZ2018103102000105

问题如下:

Matt is evaluating Company M by using the multistage residual income model. He has forecasted that residual income per share will be constant from year 3 into perpetuity and the short-term ROE is higher than the long-term ROE. He has also estimated the earnings and dividends for the following three years in the following table. What`s the intrinsic value of Company M?

选项:

A.

$27.18

B.

$48.91

C.

$55.43

解释:

C is correct.

考点:Multistage Residual Income Valuation

解析:先计算出每一年的BV

BV1 = BV0 + EPS - Dividends per share = 28.25 + 6.5 - 1.75 = $33,同理可得BV2 = $38.19,BV3 = $43.15

再计算出每一年的RI

RI1 = EPS1 – re*B0 = 6.50-10.9%*28.25 = $3.42,同理可得RI2 = $4.22,RI3 = $2.77

终值的现值:

PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63

V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43

我在算终值TV 的时候,是用RI3 2.77/14.5%=19之后,再加上2.77的和,处以1.09的三次方。最后和答案哪个也对不上。

后来改用,Re=10.9%, 基本算出了结果。

也就是说,求永续年金也是用cost of equity是吗?题目这个给的是干啥用的呢,或者什么时候能用到呢?

1 个答案
已采纳答案

王园圆_品职助教 · 2023年08月12日

同学你好,首先,表格中的Long-term ROE确实是多余条件,就是迷惑项目,没有任何作用

”He has forecasted that residual income per share will be constant from year 3 into perpetuity and the short-term ROE is higher than the long-term ROE. “题干这里都说了,三年以后RI就保持不变了,运用PVRI = RI/Re即可计算出答案,计算和ROE本身就无关

另外,同学要注意,我们学过的所有equity相关的折现模型里,折现用的分母都是Re,和ROE始终是无关的,不要把两者混淆哦


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2024-11-12 18:47 1 · 回答

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