这道题的80.381怎么算的？r-g不应该是8%-5%为什么是8%-3%问题如下图：
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解释：
NO.PZ201710200100000205 问题如下 5. Unr Scenario 2 anbaseon Exhibit 2, Withers estimates ththe value of the Venus Company stoto closest to: A.US69.73. B.US71.03. C.US72.98. B is correbaseon the present value of forecastevin. The vinthe enof 2017, baseon case material, is US3.15 per share. 题目从哪里可以看出要站在2017年底进行估值啊，还有，为什么算到2020年就可以了啊，不是还有2021年和之后的3%么
NO.PZ201710200100000205 问题如下 June Withers is analyzing four stocks in the processefooinstry of 31 cember 2017. All stocks pa vinthe enof eayear.Ukon CorporationWithers estimates a requirerate of return for Ukon Corporation of 8% annotes ththe vinfor 2017 wEUR 2.315 per share. Her first valuation approais a basic two-stage vinscount mol (M), with vin growing a rate of 5% from 2018 through 2021, after whitime vin will grow a sustainable rate of 3%. Her seconvaluation approais the H-mol, assuming thvingrowth of 5% in 2018 clines linearly ring the years 2019 through 2021 to the 3% growth rate after 2021. Her vingrowth assumptions are summarizein Exhibit 1.Venus CompanyWithers hassemblethe ta on Venus Company in Exhibit 2. After analyzing competitive pressures anfinancicontions in the instry, she prects thVenus Company will lose market share because of new entrants, but will stabilize within a few years. Beginning with a per share vinof US3.15 in 2017, she velops two scenarios regarng the growth of vin of Venus Company. The scenarios are in Exhibit 2 anare summarizefollows: · In Scenario 1, the growth rate will fall in a linemanner over the years 2018 through 2021 from 8% to 4%. Using the H-mol, she calculates a value of US58.79 per share of Venus Company stock.· In Scenario 2, the growth rate falls from 8% in 2017 to 6% in 2018 an2019, to 5% in 2020 an2021, anthen to a sustainable rate of 3% for 2022 anbeyon Withers estimates a requirerate of return for Venus of 8%.Wakuni CorporationWithers evaluates Wakuni Corporation anuses recent financita from Exhibit 3 to calculate a sustainable growth baseon the Pont mol. In aition to this estimate, she performs a sensitivity analysis on the sustainable growth rate wherethe vinpayout ranges from 0% to 10% anthe return on equity ranges from 8% to 12%.Xavier CorporationIn her analysis of the stoof Xavier Corporation, Withers observes thit ha vinof US2 per share ana stopriof US52. Two analyst interns have offereestimates of the company’s requirerate of return anvingrowth rate, shown in Exhibit 4.5. Unr Scenario 2 anbaseon Exhibit 2, Withers estimates ththe value of the Venus Company stoto closest to: A.US69.73. B.US71.03. C.US72.98. B is correbaseon the present value of forecastevin. The vinthe enof 2017, baseon case material, is US3.15 per share. 要把3.15加上吗？为什么?
NO.PZ201710200100000205 老师你看啊，2017年年初的时候是3.15，2017年增长是8%，那么从2018年年初也就是2017年年底的时候应该是从3.4（3.15x1.08）开始算啊?不对么？
NO.PZ201710200100000205 US71.03. US72.98. B is correbaseon the present value of forecastevin. The vinthe enof 2017, baseon case material, is US3.15 per share. 这道题求2021年的TerminValue的时候，为什么不是用2022年的vin算而是直接用了2021年的
NO.PZ201710200100000205 这道题可以麻烦老师完整地给一个解答吗？包括时间轴
