问一道题：NO.PZ201710200100000404 第4小题 [ CFA II ]

NO.PZ201710200100000404 问题如下 4. Baseon Exhibit 1, resiincome for SSX is closest to: A.€40.9 million. B.€90.2 million. C.€133.9 million. C is correct. The resiincome ccalculateusing net income anthe equity charge or using net operating profit after taxes (NOPAT) anthe totcapitcharge. Resiincome = Net income – Equity chargeCalculation of Net Income (values in millions):Equity charge = Totassets × Equity weighting × Cost of equityEquity charge = €4,000 million × 0.40 × 0.15 = €240 millionTherefore, resiincome = €373.9 million – €240 million = €133.9 million.Alternatively, resiincome ccalculatefrom NOPfollows.Resiincome = NOP– TotcapitchargeNOP= EBIT × (1 – Trate)NOP= €700 million × (1 – 0.35) = €455 millionThe totcapitcharge is follows.Equity charge = Totassets × Equity weighting × Cost of equity= €4,000 million × 0.40 × 0.15= €240 millioncharge = Totassets × weighting × Pretcost of × (1 – Trate)= €4,000 million × 0.60 × 0.052(1 – 0.35)= €81.1 millionTotcapitcharge = €240 million + €81.1 million= €321.1 millionTherefore, resiincome = €455 million – €321.1 million = €133.9 million 请问这句话对做题 计算有什么影响么？

NO.PZ201710200100000404问题如下Elena Castovis a junior analyst with Contralith Capital, a long-only equity investment manager. She hbeen asketo value three stocks on Contralith’s watlist: Portous, In(PTU), SSX Financi(SSX), anTantechi Lt (TTCI).ring their weekly meeting, Castovanher supervisor, Ariana Beckworth, scuss characteristiof resiincome (RI) mols. Castovtells Beckworth the following.· Statement 1: The present value of the terminvalue in RI mols is often a larger portion of the totintrinsic value thit is in other F valuation mols.· Statement 2: The RI mol’s use of accounting income assumes ththe cost of capitis appropriately reflecteinterest expense.· Statement3: RI mols cannot realy applieto companies th not have positive expectenear-term free cash flows.Beckworth asks Castovwhy RI mol mmore appropriate for valuing PTU ththe vinscount mol or a free cash flow mol. Castovtells Beckworth that, over her five-yeforecast horizon, she expects PTU to perform the following actions. · Reason 1: Pvin thare unprectable· Reason 2: Generate positive anfairly prectable free cash flows· Reason 3: Report significant amounts of other comprehensive incomethe conclusion of their meeting, Beckworth asks Castovto value SSX using RI mols. Selectefinanciinformation on SSX is presentein Exhibit 1.Castovan’s finassignment is to termine the intrinsic value of TTusing both a singlestage ana multistage RI mol. Selecteta anassumptions for TTare presentein Exhibit 2.For the multistage mol, Castovforecasts TTCI’s ROE to higher thits long-term ROE for the first three years. Forecasteearnings per share anvin per share for TTare presentein Exhibit 3. Starting in Ye4, Castovforecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminvalue is baseon assumption thresiincome per share will constant from Ye3 into perpetuity.Beckworth questions Castovan’s assumption regarng the impliepersistenfactor usein the multistage RI valuation. She tells Castovthshe believes tha persistenfactor of 0.10 is appropriate for TTCI.4. Baseon Exhibit 1, resiincome for SSX is closest to:A.€40.9 million.B.€90.2 million.C.€133.9 million.C is correct. The resiincome ccalculateusing net income anthe equity charge or using net operating profit after taxes (NOPAT) anthe totcapitcharge. Resiincome = Net income – Equity chargeCalculation of Net Income (values in millions):Equity charge = Totassets × Equity weighting × Cost of equityEquity charge = €4,000 million × 0.40 × 0.15 = €240 millionTherefore, resiincome = €373.9 million – €240 million = €133.9 million.Alternatively, resiincome ccalculatefrom NOPfollows.Resiincome = NOP– TotcapitchargeNOP= EBIT × (1 – Trate)NOP= €700 million × (1 – 0.35) = €455 millionThe totcapitcharge is follows.Equity charge = Totassets × Equity weighting × Cost of equity= €4,000 million × 0.40 × 0.15= €240 millioncharge = Totassets × weighting × Pretcost of × (1 – Trate)= €4,000 million × 0.60 × 0.052(1 – 0.35)= €81.1 millionTotcapitcharge = €240 million + €81.1 million= €321.1 millionTherefore, resiincome = €455 million – €321.1 million = €133.9 million请问为什么不能用（ROE- Re）*B=（23.37%-15%）*48.8/2.1来计算RI？

NO.PZ201710200100000404问题如下4. Baseon Exhibit 1, resiincome for SSX is closest to:A.€40.9 million.B.€90.2 million.C.€133.9 million.C is correct. The resiincome ccalculateusing net income anthe equity charge or using net operating profit after taxes (NOPAT) anthe totcapitcharge. Resiincome = Net income – Equity chargeCalculation of Net Income (values in millions):Equity charge = Totassets × Equity weighting × Cost of equityEquity charge = €4,000 million × 0.40 × 0.15 = €240 millionTherefore, resiincome = €373.9 million – €240 million = €133.9 million.Alternatively, resiincome ccalculatefrom NOPfollows.Resiincome = NOP– TotcapitchargeNOP= EBIT × (1 – Trate)NOP= €700 million × (1 – 0.35) = €455 millionThe totcapitcharge is follows.Equity charge = Totassets × Equity weighting × Cost of equity= €4,000 million × 0.40 × 0.15= €240 millioncharge = Totassets × weighting × Pretcost of × (1 – Trate)= €4,000 million × 0.60 × 0.052(1 – 0.35)= €81.1 millionTotcapitcharge = €240 million + €81.1 million= €321.1 millionTherefore, resiincome = €455 million – €321.1 million = €133.9 million按答案里的步骤其实是在求EVA吧？本题不是要求RI吗。考试中怎么看什么情况下求EVA？

NO.PZ201710200100000404 问题如下 4. Baseon Exhibit 1, resiincome for SSX is closest to: A.€40.9 million. B.€90.2 million. C.€133.9 million. C is correct. The resiincome ccalculateusing net income anthe equity charge or using net operating profit after taxes (NOPAT) anthe totcapitcharge. Resiincome = Net income – Equity chargeCalculation of Net Income (values in millions):Equity charge = Totassets × Equity weighting × Cost of equityEquity charge = €4,000 million × 0.40 × 0.15 = €240 millionTherefore, resiincome = €373.9 million – €240 million = €133.9 million.Alternatively, resiincome ccalculatefrom NOPfollows.Resiincome = NOP– TotcapitchargeNOP= EBIT × (1 – Trate)NOP= €700 million × (1 – 0.35) = €455 millionThe totcapitcharge is follows.Equity charge = Totassets × Equity weighting × Cost of equity= €4,000 million × 0.40 × 0.15= €240 millioncharge = Totassets × weighting × Pretcost of × (1 – Trate)= €4,000 million × 0.60 × 0.052(1 – 0.35)= €81.1 millionTotcapitcharge = €240 million + €81.1 million= €321.1 millionTherefore, resiincome = €455 million – €321.1 million = €133.9 million （ROE-r）*BV=（23.37%-15%）* 40000*40%=133.92这种方法可以吗？

NO.PZ201710200100000404 问题如下 4. Baseon Exhibit 1, resiincome for SSX is closest to: A.€40.9 million. B.€90.2 million. C.€133.9 million. C is correct. The resiincome ccalculateusing net income anthe equity charge or using net operating profit after taxes (NOPAT) anthe totcapitcharge. Resiincome = Net income – Equity chargeCalculation of Net Income (values in millions):Equity charge = Totassets × Equity weighting × Cost of equityEquity charge = €4,000 million × 0.40 × 0.15 = €240 millionTherefore, resiincome = €373.9 million – €240 million = €133.9 million.Alternatively, resiincome ccalculatefrom NOPfollows.Resiincome = NOP– TotcapitchargeNOP= EBIT × (1 – Trate)NOP= €700 million × (1 – 0.35) = €455 millionThe totcapitcharge is follows.Equity charge = Totassets × Equity weighting × Cost of equity= €4,000 million × 0.40 × 0.15= €240 millioncharge = Totassets × weighting × Pretcost of × (1 – Trate)= €4,000 million × 0.60 × 0.052(1 – 0.35)= €81.1 millionTotcapitcharge = €240 million + €81.1 million= €321.1 millionTherefore, resiincome = €455 million – €321.1 million = €133.9 million 这里totasset也没说是book value，还有可能是market value呢。如果是MV，MV* equity weight=MV of equity,是计算不了RI的