问题如下:
8. Based on Exhibits 2 and 3 and the multistage RI model, Castovan should estimate the intrinsic value of TTCI to be closest to:
选项:
A.€54.88.
B.€83.01.
C.€85.71.
解释:
C is correct.
Residual income per share for the next three years is calculated as follows.
Because Castovan forecasts that residual income per share will be constant into perpetuity, equal to Year 3 residual income per share, the present value of the terminal value is calculated using a persistence factor of 1.
Present value of terminal value =
= =33.78
So, the intrinsic value of TTCI is then calculated as follows.
V0==85.71
老师好 这题求RI 为啥不能用RI1 = (rOE - RE) *B0 来做? 比如RI1= (0.12-0.087)*45.25 = 1.413 不等于3.88. 答案里用NI 1 - RE*B0 算出来的是3.88. 谢谢。