对于有OCI，RImodel的调整

NO.PZ201710200100000403 问题如下 Elena Castovis a junior analyst with Contralith Capital, a long-only equity investment manager. She hbeen asketo value three stocks on Contralith’s watlist: Portous, In(PTU), SSX Financi(SSX), anTantechi Lt (TTCI).ring their weekly meeting, Castovanher supervisor, Ariana Beckworth, scuss characteristiof resiincome (RI) mols. Castovtells Beckworth the following.· Statement 1: The present value of the terminvalue in RI mols is often a larger portion of the totintrinsic value thit is in other F valuation mols.· Statement 2: The RI mol’s use of accounting income assumes ththe cost of capitis appropriately reflecteinterest expense.· Statement3: RI mols cannot realy applieto companies th not have positive expectenear-term free cash flows.Beckworth asks Castovwhy RI mol mmore appropriate for valuing PTU ththe vinscount mol or a free cash flow mol. Castovtells Beckworth that, over her five-yeforecast horizon, she expects PTU to perform the following actions. · Reason 1: Pvin thare unprectable· Reason 2: Generate positive anfairly prectable free cash flows· Reason 3: Report significant amounts of other comprehensive incomethe conclusion of their meeting, Beckworth asks Castovto value SSX using RI mols. Selectefinanciinformation on SSX is presentein Exhibit 1.Castovan’s finassignment is to termine the intrinsic value of TTusing both a singlestage ana multistage RI mol. Selecteta anassumptions for TTare presentein Exhibit 2.For the multistage mol, Castovforecasts TTCI’s ROE to higher thits long-term ROE for the first three years. Forecasteearnings per share anvin per share for TTare presentein Exhibit 3. Starting in Ye4, Castovforecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminvalue is baseon assumption thresiincome per share will constant from Ye3 into perpetuity.Beckworth questions Castovan’s assumption regarng the impliepersistenfactor usein the multistage RI valuation. She tells Castovthshe believes tha persistenfactor of 0.10 is appropriate for TTCI.3. The forecasteitem scribein Reason 3 will most likely impact: A.earnings per share. B.vin per share. C.book value per share. C is correct. Other Comprehensive Income (OCI) bypasses the income statement angoes rectly to the statement of stockholrs’ equity (whiis a violation of the clesurplus relationship). Therefore, book value per share for PTU will impacteforecasteOCI. https://class.pzacamy.com/qa/176020 这道题的结论是Equity的Book Value不变；但是本题结论是Equity的Book Value是变的

NO.PZ201710200100000403 问题如下 3. The forecasteitem scribein Reason 3 will most likely impact: A.earnings per share. B.vin per share. C.book value per share. C is correct. Other Comprehensive Income (OCI) bypasses the income statement angoes rectly to the statement of stockholrs’ equity (whiis a violation of the clesurplus relationship). Therefore, book value per share for PTU will impacteforecasteOCI. 我看了答案说不选earning的原因是暗含假设只会发生一次，不是长期OCI，可是课件里有两快提到OCI，我区分不清楚能详细在下什么情况可以选C，什么时候只是book value

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NO.PZ201710200100000403 请问老师， Book value per share指的是of Equity per share吗？  谢谢！