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Carolyne · 2024年05月01日

如题

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?

2 个答案
已采纳答案

王园圆_品职助教 · 2024年05月02日

同学你好,EEM求无形资产价值是一个讲义专门的计算公式,它分成两个步骤

请看以下讲义截图,紫色这一步才是运用的RI = NI - Re*BV的计算原理来计算无形资产的收益,相当于无形资产带来的收益就等于NI减去fixed asset和working capital两部分要求回报后的剩余值

而第二步的红色部分计算无形资产价值的时候,则是用的类似GGM的原理V0 = D1/(r-g)就可以计算同样的无形资产的0时刻价值,这个公式和一阶段RI求公司价值就没有关系了

王园圆_品职助教 · 2024年05月01日

同学你好,EEM这种计算方法本身就是为了更好的估计公司的无形资产的实际价值,因为此时公司账面没有记录任何无形资产价值或是记录的无形资产价值非常不准确

你说”无形资产的book value 是不是等于0“,根据上面EEM的作用,可以大致认为这个理解也没有问题

但是你问的"所以 用RI model 算无形资产时就没有加book value了“这句话助教没有看懂,你是说在哪一步计算的过程里没有加book value呢?所以助教没法回答你这半句的问题

Carolyne · 2024年05月02日

V0=B0+RI1/re-g. 这里算无形资产时的B0是什么呢

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