问题如下图：
选项：
A. 
B. 
C. 
解释：
想请问老师RI2012=2.52能不能理解成 ri2013=2.52，因为2012年的BOOK VALUE产生的收益是在2012年期间的按照答案解析也应该往前折现一期，这样不是理解起来更顺一点吗？为什么把2.52 放到ri2012中，能否按照我这种理解方式去做题
NO.PZ201512300100001208问题如下8. Unr Scenario 2, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R13.29. The multistage resiincome mol, is: The first step is to calculate resiincome per share for years 2012 2014:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet = book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet × cost of equityUnr Scenario 2, the enof 2014, it is assumethshare priwill equto book value per share. This results in the seconterm in theequation above, the present value of the terminvalue, being equto zero.Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3=R13.29按照定义，现值PV0=BV0+PVRI，PVRI=PV0-BV0，PVRI=PV0/BV0*BV0-BV0，PVRI=P/B*BV0-BV0，题目里说的是2014年末股价share price等于账面BV，并没有说PV等于BV，如何得出P/B=1呢？
NO.PZ201512300100001208问题如下8. Unr Scenario 2, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R13.29. The multistage resiincome mol, is: The first step is to calculate resiincome per share for years 2012 2014:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet = book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet × cost of equityUnr Scenario 2, the enof 2014, it is assumethshare priwill equto book value per share. This results in the seconterm in theequation above, the present value of the terminvalue, being equto zero.Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3=R13.29题目已经说了2014年年底价格等于面值即RI为0，为何答案详解中还计算出2014年的RI
NO.PZ201512300100001208 share price等于book value就说明终值是0吗？
NO.PZ201512300100001208 Unr Scenario 2, the enof 2014, it is assumethshare priwill equto book value per share. 这说明什么呢？
这个地方不太明白，题目中给出了2014末之后P=B，那就说w=0了啊，那么题目咋又给出了w=0.7？这是啥意思啊。。。。
