NO.PZ2023032701000130
问题如下:
Digigraf GmbH, a small
private digital media firm with several patents, seeks early-stage financing
and plans to use EEM for valuation. Recent financials show EUR 1,000,000 in
total assets: EUR 200K in working capital and EUR 800K in fixed assets, close
to market value. Normalized earnings last year were EUR 120K. Given the
following information, you have been asked to value Digigraf GmbH, by using an
excess earnings method:
• Required return on working capital = 4.0 percent
• Required return on fixed assets = 10.0 percent
• Required return on intangible assets = 11.0 percent
• Long-term growth rate of residual income = 3.0 percent
Which of the
following is closest to the corrected estimate of Digigraf’s EEM value?
选项:
A.
EUR 1,283,000
B.
EUR 1,366,000
C.
EUR 1,412,000
解释:
1. Calculate residual
income (RIt) by deducting required returns on assets from normalized
income.
RIt = EUR 32,000=120,000 –
(200,000 x 4%) – (800,000 x 10%)
• This residual income must reflect the value associated with
intangible assets.
2. Value intangible assets using the growing perpetuity :
• EUR 32,000 is the normalized income for the most recent year, which
is increased by its assumed 3% growth rate to forecast next year’s residual
income
3. Firm value is the
sum of working capital, fixed assets, and intangible assets. The EEM estimate
for Digigraf GmbH is: EUR 1,412,000 = EUR 200,000 + EUR 800,000
+ EUR 412,000.
无形资产的book value 是不是等于0 所以 用RI model 算无形资产时就没有加book value了?