问一道题：NO.PZ2018103102000105 [ CFA II ]

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 BV3 = $43.15这里求了bv3有什么用，ri3不是用bv2算的吗？

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 Long term ROU 14.5%是沒有用的？

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 这个公式里面分母这里折现，为啥是r*(1+r)^3 这个是什么含义呢

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 老师按照李老师公式，PVRI3不应该是2.77)*W/（1+10.9%-W），其中W=1-g=94.5%,然后再用10.9%来折现吗，算出来的终值等于15.96，PVRI3则等于11.7。

NO.PZ2018103102000105问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18B.$48.91C.$55.43C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43为什么结果里要加上第三年的第一阶段数值，不是应该包含在后边永续阶段里面了吗