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Pina · 2021年11月23日

RI

* 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

老师好这题的RI1 为什么不能用 RI 1= （ROE - RE） *B0 来算就是比如这里的 RI1 =（12%-8.7%） * 45.25 =1.49325而一定要用 NI1 - re * B0 这个来算？而且为什么算出的数字不一样？谢谢

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王园圆_品职助教 · 2021年11月23日

嗨，努力学习的PZer你好：

同学你好，因为ROE＝１２％在题干中是第４年开始时候的数值哦～～至于第１年到第３年都没有提供ROE数值，就无法用（ROE - RE） *B计算哦~

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就算太阳没有迎着我们而来，我们正在朝着它而去，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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2024-09-29 11:30 1 · 回答

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