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Honora · 2023年11月05日

怎么理解 long term growth rate starting in 2015=9%?

  1. CFA II
  2. Equity

NO.PZ2023032701000067

问题如下：

Nkomo mentions to Mahlangu that Amersheen recently (near the end of 2011) completed the acquisition of a chain of convenience stores. Nkomo requests that Mahlangu complete, as of the beginning of 2012, an updated valuation of Amersheen under two scenarios:

Scenario 1 Estimate the value of Amersheen shares using a multistage residual income (RI) model with the data provided in Exhibit 3. Under Scenario 1, expected ROE in 2015 is 26% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter.

Exhibit 3. Amersheen Data (amounts in South African Rand)

Under Scenario 1, 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：


怎么理解 long term growth rate starting in 2015=9%? 

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2 个答案

王园圆_品职助教 · 2023年11月05日

同学你好，你要理解，本题是考察的RI model的知识点，而不是GGM或FCF。RI model中，是用不到g这个项目的

所以表格中给的long-term growth rate 就是迷惑条件，是多余条件，同学不用在意，直接忽略即可

王园圆_品职助教 · 2023年11月05日

同学你好，你要理解，本题是考察的RI model的知识点，而不是GGM或FCF。RI model中，是用不到g这个项目的

所以表格中给的long-term growth rate 就是迷惑条件，是多余条件，同学不用在意，直接忽略即可

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