问题如下:
In order to value a property with constant growth rate in income and value using DCF method, an analyst collects below DCF assumptions: Going-in cap rate is 5.5%, terminal cap rate is 6%, discount rate is 7.25%, what’s the growth rate of the target property?
选项:
A.0.50%
B.1.25%.
C.1.75%.
解释:
C is correct.
考点:DCF assumption
解析:被投资房地产的收入和价值都是一致的增长率,等于折现率discount rate (7.25%) – 现行的资本化率going-in cap rate (5.50) = 1.75%.
这题开始就说了使用的 DCF method,也就是二阶段模型,讲义第38页面业写明了 应该用 terminal cap rate,为啥答案时候用going in cap rate???