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Calvin98 · 2024年04月22日

E1的值

NO.PZ2023032701000061

问题如下:

Use the following inputs and the finite horizon form of the residual income model to compute the value of Southern Trust Bank (STB) shares as of31 December 2007:

ROE will continue at 15 percent for the next five years (and 10 percent thereafter) with all earnings reinvested (no dividends paid).

Cost of equity equals 10 percent.

B0 = $10 per share (at year-end 2007).

Premium over book value at the end of five years will be 20 percent.

The value would be:

选项:

A.

$15.01

B.

$15.18

C.

$15.39

解释:


你好老师,想问一下为什么E1=ROE*B0啊。

1 个答案

王园圆_品职助教 · 2024年04月22日

同学你好,ROE = NI/BV——在二级Equity中我们有一个默认条件就是BV0投资一年到期末就可以获得NI,这个收益率就是ROE

所以公式变换一下,第一年年末的NI(也就是E1) = ROE * BV0了

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