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胖胖 · 2023年11月10日

求不出来 V0 =16.305

  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：


CF0 7.6

CF1 2.52

CF2 2.308

CF3 1.9790

CF4 2.814

1.608X0.7/(1+0.1-0.7)=2.814


Rate = 10%


请问哪里错了

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1 个答案

王园圆_品职助教 · 2023年11月10日

同学你好，两个地方错了

CF0是放投资金额的地方，不是放B0的地方，这里应该CF0 = 0

CF4这笔现金流你只算了PVRI，但是2015年年末还有一笔RI=1.608的现金流没有考虑

所以CF4=1.608+2.814

最后你的NPV计算的是所有RI的折现值，把这个NPV再加上B0=7.6，就可以得到正确答案了

这两个地方都改了就对了

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