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Pina · 2021年11月23日

情景

* 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 = $\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}$

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

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

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

老师好这题 Starting in Year 4, Castovan forecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminal value is based on an assumption that residual income per share will be constant from Year 3 into perpetuity. 这句话该怎么理解。为什么一会儿说ROE =12%恒定，一会儿后说YR3 的Terminal value is constant. 这是讲义里讲的哪一个情景，情景1 还是情景4？谢谢

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王园圆_品职助教 · 2021年11月23日

嗨，爱思考的PZer你好：

同学你好，是情景一哦~~

这里两句话本质是同样的意思哦~~

ROE永远按照１２％，而ｒｅ＝８．７％小于ROE，就说明RI永远存在且永远不变，和后一句“residual income per share will be constant from Year 3 into perpetuity＂就是完全相同的表述哦～～

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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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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