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 =
= =33.78
So, the intrinsic value of TTCI is then calculated as follows.
V0==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