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YAO Monica · 2024年05月13日

RI（t）=NI（t）-r*B0

  1. CFA II
  2. Equity

NO.PZ2023032701000063

问题如下：

Raman collects additional data for valuing PBRI using the multistage RI model. For this model, he assumes an annual growth rate of residual income of 15% during the forecast horizon of 5 years (Years 1 to 5) and discounts the terminal year’s residual income as a perpetuity. Other inputs are found in Exhibit 3.

Exhibit 3 Data for Residual Income Model

Using the data in Exhibit 3, Raman's estimate of the contribution that the terminal value of the residual income stream in 5 years will contribute to the current value of equity is closest to:

选项：

A.

$42.25

B.

$61.91

C.

$48.82

解释：

Using a multi-stage residual income model and the data in Exhibit 3:

Equity charge = Equity capital × Cost of equity capital= 20.97 × 0.124 = $2.60 million

Residual income of the more recent year = Net income – Equity charge= 8.00 – 2.60 = $5.40 million

Raman’s assumed growth rate during the forecast period of five years = 15%

Annual residual income during the no growth period (after Year 5) = 5.40 × (1.15)5 = $10.86 million

Present value (PV) of the residual income from perpetual period, as at T = 5 = ($10.86/0.124)=$87.58 million

PV of the perpetual period residual income at T0= 87.58/(1.124)5=$48.82 million

根据已知条件，NI是most recent，所以RI求的也是most recent。至此5.4才是RI0，之后每年增长15%，第5年后永续增长。

最后将T5时候的终值折现到0时刻。

是这么逻辑顺序吧

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王园圆_品职助教 · 2024年05月13日

同学你好，其他逻辑都没有错，但是“第5年后永续增长”这里是不对的

题目说了“ terminal year’s residual income as a perpetuity. ”——也就是5年后的RI是永续不变的，而不是会持续增长的

所以你看解析写的是“Present value (PV) of the residual income from perpetual period, as at T = 5 = ($10.86/0.124)=$87.58 million”除以的是r而不是除以r-g的

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