momo · 2023年12月16日
NO.PZ2023040301000143
问题如下：
Geo Telecommunications Inc. is a fast growing company with a double-digit growth rate that is expected to continue for three more years. In his pursuit of valuing the company’s stock, Dimiter Nenkov, a free-lance equity analyst, has compiled the following data about the company:
Based on the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications would be closest to:
选项：
A.€9.73
€10.13
€ 17.17
解释：
这题考察的是那个知识点，怎么算的
王园圆_品职助教 · 2023年12月16日
同学你好，这是两个很大的知识点，也是重点知识点，请看以下讲义截图
本题相当于是把三阶段DDM和FCFE结合在一起，考察了两个知识点——这是最后一章Module 8的内容。同学再忙也还是回去听一下相关的基础班课程，这是贯穿CFA考试的重点内容，这部分很有必要多听几次理解透彻
答案的表格已经列示了怎么计算Value，首先有0时刻的FCFE0，第一年第二年增长率是第一阶段g1=30%,第三年增长是第二阶段g2=20%;第四年及以后的所有年份都是第三阶段增长率g3=8%
按照上面一段的条件，把FCFE1到FCFE4都计算出来，根据下面第二个截图的公式用FCFE4计算V3，最后把FCFE1折现1年，FCFE2折现2年，FCFE3和V3都折现3年，最后就可以得到V0
NO.PZ2023040301000143 问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73 B.€10.13 C.€ 17.17 如何去判断r=15%就是折现率呢？
NO.PZ2023040301000143 问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73 B.€10.13 C.€ 17.17 不理解3和4 beyon为什么都是0.6575
NO.PZ2023040301000143问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73B.€10.13C.€ 17.17 折现率不应该用12 wac为什么用15%？
NO.PZ2023040301000143 问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73 B.€10.13 C.€ 17.17 表格中最后两列的数值是如何算出来的
