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Kokonoi Hajime · 2024年09月28日

有点搞不懂什么时候分子是RI什么时候是ROE - r

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001207

问题如下：

7. Under Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:

选项：

A.

R13.29.

B.

R15.57.

C.

R16.31.

解释：

As the multistage residual income model results in an intrinsic value of R16.31.

This variation of the multistage residual income model, in which residual income fades over time, is:

where  is the persistence factor.

The first step is to calculate residual income per share for years 2012 2015:

ROE = earnings / book value

Growth rate = ROE × retention rate

Retention rate = 1  (dividends/earnings)

Book valuet= book valuet 1 + earningst 1  dividendst 1

Residual income per share = EPS  equity charge per share

Equity charge per share = book value per sharet× cost of equity

Using the residual income per share for 2015 of R1.608, the second step is to calculate the present value of the terminal value:

PV of Terminal Value =

R1.6081+0.10-0.70(1.10)3=R3.0203

Then, intrinsic value per share is:

V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31

搞不懂RI model的分母了，上一道题还是ROE - r

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1 个答案

王园圆_品职助教 · 2024年09月28日

同学你好，RI 模型的计算PVRI的时候，分子肯定是RI呀

无论是一阶段RI模型还是多阶段RI模型，分子都是RI

但是RI=（ROE-Re）*BV0，所以有时候也会用（ROE-Re）*BV0来替代分子部分RI的表达呢

或者你也可以把上一道题的题干截图在这里，助教看到两道题的话，可以更清楚的对比后解答你的问题哦


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