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丁洁Amy · 2021年06月14日

关于PVRI3的求解

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000408

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 = 8.54−(0.087×58.25)(1+0.087−1)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}

= 3.47(0.087)(1.087)2\frac{3.47}{ ( 0.087 ) ( 1.087 ) ^2} =33.78

So, the intrinsic value of TTCI is then calculated as follows.

V0=45.25+3.881.087+3.68/(1.087)2+33.78\frac{45.25+3.88}{1.087+3.68/(1.087)^2+33.78}=85.71

老师好，


关于PVRI3的求解，我看到课后题讲解视频中，老师用的是多阶段w的那个公式。

我当时求解的时候，PVRI3=((ROE-re)*BV2)/(re-g)=((12%-8.7%)*58.25)/(8.7%-4.5%)=45.7679

和老师用w的那个公式求解得出的39.9115不一样。请问老师我哪里错了呢？

谢谢

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3 个答案

韩韩_品职助教 · 2021年07月01日

嗨，努力学习的PZer你好：


同学您好：

您所采用的（ROE-Re）*BV/（Re-g）是一阶段RI模型计算终值的方法，而视频中采用的方法的是多阶段的计算方法，这两种方法下的基本假设不一样，单阶段模型中，是假设RI还一直能以g的速度永续增长，这个也是不太符合现实的；因此多阶段模型中引入抵减因子w，当w=1时，是最乐观的，假设RI能一直维持。所以两种计算方法下的底层逻辑不一样

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努力的时光都是限量版，加油！

追风少年_ 品职助教 · 2021年06月21日

嗨，从没放弃的小努力你好：


同学，能再具体一些嘛，是在经典题还是基础里面呀，具体的视频名称，因为老师这边没找到有32分钟长的视频😢

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

丁洁Amy · 2021年06月26日

老师好，视频的路径是： CFAII原版书习题课>>Equity>>Reading 30 Residual Income Valuation 点击进去后这个视频在1.5倍语速下有37分53秒的时长，拖到32分50秒即可。谢谢老师

追风少年_ 品职助教 · 2021年06月16日

嗨，努力学习的PZer你好：


同学，能把那个视频定位给老师嘛～

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努力的时光都是限量版，加油！

丁洁Amy · 2021年06月17日

老师抱歉我发现没办法截图给您，这个课后题的讲解是在Reading 30 Residual Income Valuation课后题讲解那个视频的32分50秒开始的。谢谢老师！

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NO.PZ201710200100000408问题如下8. Baseon Exhibits 2 an3 anthe multistage RI mol, Castovshoulestimate the intrinsic value of TTto closest to:A.€54.88.B.€83.01.C.€85.71. C is correct.Resiincome per share for the next three years is calculatefollows.Because Castovforecasts thresiincome per share will constant into perpetuity, equto Ye3 resiincome per share, the present value of the terminvalue is calculateusing a persistenfactor of 1.Present value of terminvalue = 8.54−(0.087×58.25)(1+0.087−1)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}(1+0.087−1)(1+0.087)28.54−(0.087×58.25)​= 3.47(0.087)(1.087)2\frac{3.47}{ ( 0.087 ) ( 1.087 ) ^2}(0.087)(1.087)23.47​ =33.78 So, the intrinsic value of TTis then calculatefollows.V0=\frac{45.25+3.88/1.087+3.68/(1.087)^2+33.78}=85.71 没搞明白为什么单阶段模型里的PVRI可以用（ROE-r)*B0/(r-g)来计算，这道题多阶段模型的后面说了ROE=12%不变，r=8.7%不变，g也不变，为什么就不能用前面这个公式呢？

2024-10-01 20:35 1 · 回答

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2024-09-29 11:30 1 · 回答

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2024-07-12 11:41 1 · 回答

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