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Tam · 2020年02月15日

问一道题：NO.PZ2018103102000105 [ CFA II ]

  1. CFA II
  2. Equity

问题如下：

Matt is evaluating Company M by using the multistage residual income model. He has forecasted that residual income per share will be constant from year 3 into perpetuity and the short-term ROE is higher than the long-term ROE. He has also estimated the earnings and dividends for the following three years in the following table. What`s the intrinsic value of Company M?

选项：

A.

$27.18

B.

$48.91

C.

$55.43

解释：

C is correct.

考点：Multistage Residual Income Valuation

解析：先计算出每一年的BV

BV1 = BV0 + EPS - Dividends 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*B0 = 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=$18.63</span>PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=\$18.63

<span>V0=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=\$55.43

省题的时候容易把constant growth from year 3理解为从第2年末开始保持稳定增速怎么破？是因为这题本身说的不清楚吗？又核对了一下书上例题，上面都会有一个关键词比如start 或 thereafter。因为切的年数弄错，所以算出来数字比较大，还是选了最大那个数，选对了。。

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1 个答案

maggie_品职助教 · 2020年02月18日

这个可能就英文理解问题了。这里说从第三年开始永续，那么就是指的RI3开始保持不变，即RI3=RI4=….,。其实这里的花样就这么多，我觉得多做题就能有改观。此外，RI模型由于比较难，历年考试考得都很少。

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2024-11-12 18:47 1 · 回答

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