帕斯CFA · 2024年02月14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：
不理解3和4&beyond 为什么都是0.6575
王园圆_品职助教 · 2024年02月14日
同学你好，首先，折现系数并不是我们需要掌握的必要点，这是给外国人不喜欢用除法的时候准备的
你只需要理解如何将第三年的FCFE3和最后的terminal value都用除法折到0时刻即可
题目说从第4年开始就以8%的速率永续增长了，那FCFE4=FCFE3*1.08
根据GGM：V0=D1/（r-g),可以知道terminal value：V3=FCFE4/（r-0.08）
所以终值是落在第三年年末，和FCFE3都落在同一个时间点
所以最后折现到0时刻，两者当然都是用一样的折现系数
Olivia.W🌸 · 2024年04月29日
1.32怎么来的？
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.€9.73B.€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 这题考察的是那个知识点，怎么算的
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
