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:
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?