NO.PZ201710200100000406
问题如下:
6. Based on the single-stage RI model and Exhibit 2, Castovan should conclude that TTCI is:
选项:
A.undervalued.
B.fairly valued.
C.overvalued.
解释:
C is correct.
Using the single-stage RI model, the intrinsic value of TTCI is calculated as
The intrinsic value of €80.80 is less than the market price of €126.05, so Castovan should conclude that the stock is overvalued.
用RI model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