问题如下图:
选项:
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解释:
capital structure 是股价的意思吗
NO.PZ201710200100000406 问题如下 6. Baseon the single-stage RI mol anExhibit 2, Castovshoulconclu thTTis: A.unrvalue B.fairly value C.overvalue C is correct.Using the single-stage RI mol, the intrinsic value of TTis calculate V 0 = B 0 + ROE−r r−g B 0 =45.25+ 01.2−0.087 0.087−0.045 45.25 =80.80 The intrinsic value of €80.80 is less ththe market priof €126.05, so Castovshoulconclu ththe stois overvalue 老师,运用single-stage valution v= B0+pvri 为什么不加45.4 总结126.05比较?
NO.PZ201710200100000406 用RI mol计算,B0+PVRI=B0+【RI0*(1+g)】/re-g=45.25+[(12%-8.7%)*45.25*(1+4.5%)] / 8.7%-4.5% 最终得到82.4
NO.PZ201710200100000406 如JustifieP/B算出来是1.833,而用P(Market)/B=126.05/45.25=2.79,所以得出Overvalue
NO.PZ201710200100000406 为什么算出来的80.80直接去和126.05去比了 不是应该80.80再加上45.25,然和再和126.05去比 这样得出fairly valued
请问老师本题最后的intrinsic value 80.80 是如何算出来的?与我计算的数字不一样,谢谢。