Armishaw next presents Exhibit 2, which contains the basis for his estimates for the share price (as of 15 January 2014) if he assumes a terminal value in 2023 arising from treating 2023’s residual income as a perpetuity.
Exhibit 2
Stack questions Armishaw’s assumption in his 2014 valuation (Exhibit 2) that a perpetuity would best describe the terminal value of the stream and suggests that residual income should fade over time. Stack further suggests that a persistence factor of 0.50 might be appropriate.
Using the information in Exhibit 2, comparing Armishaw’s approach to terminal value to Stack’s approach, Stack’s assumption leads to a 2024 value that is approximately:
A. $6.50 lower than Armishaw’s approach.
B. $6.74 lower than Armishaw’s approach.
C. $26.30 higher than Armishaw’s approach.
解答：
请问， 为什么，持续因子为1的时候， 要用2023年 的RI来计算；而持续 因子为0.5的时候， 就要用2024年的RI来计算？
