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manman · 2023年09月02日

题目已经说了2014年年底价格等于面值即RI为0，为何答案详解中还计算出2014年的RI

  1. CFA II
  2. Equity

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NO.PZ201512300100001208

问题如下：

8. Under Scenario 2, the intrinsic value per share of the equity of Amersheen is closest to:

选项：

A.

R13.29.

B.

R15.57.

C.

R16.31.

解释：

As the multistage residual income model results in an intrinsic value of R13.29. The multistage residual income model, is:

The first step is to calculate residual income per share for years 2012 2014:

ROE = earnings / book value

Growth rate = ROE × retention rate

Retention rate = 1  (dividends/earnings)

Book valuet = book valuet 1 + earningst 1  dividendst 1

Residual income per share = EPS  equity charge per share

Equity charge per share = book value per sharet × cost of equity

Under Scenario 2, at the end of 2014, it is assumed that share price will be equal to book value per share. This results in the second term in the

equation above, the present value of the terminal value, being equal to zero.

Then, intrinsic value per share is:

V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3=R13.29

题目已经说了2014年年底价格等于面值即RI为0，为何答案详解中还计算出2014年的RI

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1 个答案

王园圆_品职助教 · 2023年09月02日

同学你好，因为“ at the end of 2014, it is assumed that share price will be equal to book value per share. ”这个条件是用来计算2014年以后（也就是2015，2016......)的所有RI折现到2014年底的PVRI，而不是计算2014年年当年的RI的哦

2014年当年的RI依然需要通过RI = NI-B*Re或RI = （ROE-Re）*B的公式来计算

同学可以参考一下以下讲义截图的4种计算PVRI的公式，最后一种就是本题适用的情况


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NO.PZ201512300100001208问题如下8. Unr Scenario 2, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R13.29. The multistage resiincome mol, is: The first step is to calculate resiincome per share for years 2012 2014:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet = book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet × cost of equityUnr Scenario 2, the enof 2014, it is assumethshare priwill equto book value per share. This results in the seconterm in theequation above, the present value of the terminvalue, being equto zero.Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3=R13.29按照定义，现值PV0=BV0+PVRI，PVRI=PV0-BV0，PVRI=PV0/BV0*BV0-BV0，PVRI=P/B*BV0-BV0，题目里说的是2014年末股价share price等于账面BV，并没有说PV等于BV，如何得出P/B=1呢？

2024-10-01 18:31 1 · 回答

NO.PZ201512300100001208 share price等于book value就说明终值是0吗？

2022-03-03 17:19 1 · 回答

NO.PZ201512300100001208 Unr Scenario 2, the enof 2014, it is assumethshare priwill equto book value per share. 这说明什么呢？

2021-08-20 07:11 2 · 回答

这个地方不太明白，题目中给出了2014末之后P=B，那就说w=0了啊，那么题目咋又给出了w=0.7？这是啥意思啊。。。。

2020-05-31 11:44 1 · 回答