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
The first step is to calculate residual income per share for years 2012
ROE = earnings / book value
Growth rate = ROE × retention rate
Retention rate = 1
Book valuet= book valuet
Residual income per share = EPS
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 =
Then, intrinsic value per share is:
老师，这题RI2015为什么不能直接用RI2014乘以persistence factor？
