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高燕飞 · 2021年03月27日

16和17RI关系

  1. CFA II
  2. Equity

NO.PZ2018103102000064

问题如下：

Jacques prepares to update the valuation of TMT. The company’s expected ROE in 2017 is 34.5% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter.  As of the beginning of 2015, based upon the information in the below table, use the multistage-stage residual income (RI) model to determine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to:

选项：

A.

22.72.

B.

14.97.

C.

78.81.

解释：

B is correct.

考点：RI

解析：B是正确的。第一步是计算2015 - 2017年的每股剩余收益:

第二步是计算终值的现值:

PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7

那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97

RIt=RIt-1*w这个题目16和17年的RI和w对不上呢，什么时候适用

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1 个答案

Debrah_品职答疑助手 · 2021年03月28日

嗨，努力学习的PZer你好：


这是协会出题不规范的问题，正常来说RIt应该是等于RIt-1乘以w，但是根据平时做题我们总结发现有不规范的现象，那如果遇到题目要求你如何计算RIt时，我们就要按照题目的思路来解题，一般用的是clean surplus relation来做题（基础班213页）

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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