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Eva · 2021年06月30日

折现率

  1. CFA II
  2. Alternative

NO.PZ2018111302000022

问题如下：

Based on below information, what is the value of the Property using the discounted cash flow method, assuming a three-year holding period? And the Property is expected to have the same net operating income for the holding period due to existing leases, and a one-time 20% increase in year 4 due to lease rollovers. No further growth is assumed thereafter.

选项：

A.

£3,354,418.

B.

£3,860,883.

C.

£4,620,580.

解释：

B is correct.

考点：现金流折现法估计房地产价值

解析：可以按照以下思路进行计算，注意计算terminal value需要使用terminal cap rate, 而不是going-in cap rate.

Step 1: 计算NOI

net operating income (NOI) = rental income + other income – vacancy and collection loss – property management costs

NOI = £500,000 + £85,000 – £48,000 – £32,000 – £186,000= £319,000

Step 2: DCF model

或者这里也可以直接用计算器CF计算，I/Y=8%, N = 3, FV = £319,000*(1+20%)/10%=3,828,000, PMT = £319,000, => CPT PV = 3,860,884

李老师不是说TV英爱用terminal cap rate （10%）折现吗？

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3 个答案

韩韩_品职助教 · 2021年07月03日

嗨，努力学习的PZer你好：


这里可以参照这个总结的图：

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加油吧，让我们一起遇见更好的自己！

Harley Molin · 2021年07月02日

我也想问，好奇怪 老李说用10%

韩韩_品职助教 · 2021年06月30日

嗨，爱思考的PZer你好：


同学你好，这里求TV的时候，是用terminal cap rate来计算，但是把TV折现到今天时刻的时候，还是按照要求收益率来折现到今天。这两个地方用到的“率”是不一样的。

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努力的时光都是限量版，加油！

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NO.PZ2018111302000022 问题如下 Baseon below information, whis the value of the Property using the scountecash flow metho assuming a three-yeholng perio Anthe Property is expecteto have the same net operating income for the holng perioe to existing leases, ana one-time 20% increase in ye4 e to lease rollovers. No further growth is assumethereafter. £3,354,418. £3,860,883. £4,620,580. B is correct.考点现金流折现法估计房地产价值解析可以按照以下思路进行计算，注意计算terminvalue需要使用termincrate, 而不是going-in crate.Step 1: 计算NOInet operating income (NOI) = rentincome + other income – vacanancollection loss – property management costsNOI = £500,000 + £85,000 – £48,000 – £32,000 – £186,000= £319,000Step 2: F mol或者这里也可以直接用计算器CF计算，I/Y=8%, N = 3, FV = £319,000*(1+20%)/10%=3,828,000, PMT = £319,000, = CPT PV = 3,860,884 请问这道题是否能用NPV方法求，我在求解时使用了NPV方法，但结果不对，计算器输入如下Cf0=0,c01=319000,F01=2,C02=319000+3882000=4201000,F02=1,I=8,请问是哪里错了嘛

2022-10-19 15:52 1 · 回答

NO.PZ2018111302000022 问题如下 Baseon below information, whis the value of the Property using the scountecash flow metho assuming a three-yeholng perio Anthe Property is expecteto have the same net operating income for the holng perioe to existing leases, ana one-time 20% increase in ye4 e to lease rollovers. No further growth is assumethereafter. £3,354,418. £3,860,883. £4,620,580. B is correct.考点现金流折现法估计房地产价值解析可以按照以下思路进行计算，注意计算terminvalue需要使用termincrate, 而不是going-in crate.Step 1: 计算NOInet operating income (NOI) = rentincome + other income – vacanancollection loss – property management costsNOI = £500,000 + £85,000 – £48,000 – £32,000 – £186,000= £319,000Step 2: F mol或者这里也可以直接用计算器CF计算，I/Y=8%, N = 3, FV = £319,000*(1+20%)/10%=3,828,000, PMT = £319,000, = CPT PV = 3,860,884 涨价是在NOI的基础上 而不是只在gross income的基础上吗

2022-06-26 17:02 1 · 回答