开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Mugen_无幻 · 2022年01月02日

Cost of equity 为何不用roe乘以b

* 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 = 8.54(0.087×58.25)(1+0.0871)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}

= 3.47(0.087)(1.087)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

Cost of equity 为何不用roe乘以b来算而是全部用给的0.087
1 个答案

王园圆_品职助教 · 2022年01月02日

嗨,从没放弃的小努力你好:


同学你好,首先,是sustainable growth rate g =ROE * b而不是cost of equity等于ROE*b哦~~

其次,这里用的是multistage RI 模型,也就是说公司每个阶段的增长率都不同,才会导致RI需要分多阶段来计算

sustainable growth rate g是永续增长阶段的,公司进入稳定成熟阶段的g,所以是不适用于一个还不处于稳定状态的公司使用的哦~~

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

  • 1

    回答
  • 0

    关注
  • 459

    浏览
相关问题

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 如题,谢谢!

2024-08-20 08:56 2 · 回答

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 题目正文写的persistenfactor 是0.1, 解题里用的是1?

2024-07-12 11:41 1 · 回答

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 12%这个数据用不到吗?

2024-04-08 23:50 1 · 回答

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 1、方法二 RI4=RI3 = 3.47, PVRI' =3.47/0.087 =39.8851V0 = + RI1/(1+r) + RI2/(1+r)^2 + RI3/(1+r)^3+PVRI'/(1+r)^3 = 45.25 + 3.88/1.087 + 3.68/1.087^2 + 3.47/1.097^3 + 39.8851/1.097^3 =85.71第三年和以后的分母应该是1.087^3,而不是1.097^3。对吗?2 如何从题干中判断w=1?3 是否ROE恒定,RI就恒定?4 计算RI3,可否用(ROE-RE)*BV2,ROE=12%

2023-06-04 12:45 2 · 回答

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 我是像李老师在第三年划一刀,Yr 1 , 2, 3 的 bookvalue 分别是51.61, 58.25, 65.2;用single stage 计算出Yr 3以后未来 的RI [ROE (12%) - cost of equity (8.7%) ] *BV@Yr 3 (65.2) ➗re- g (此处因为已知constant growth, g=0) , 计算得 24.73 ; 再与第三年得RI 3.47相加 最后和前两年得一起折现,看了答案我知道应该i用永续公式,但不知道我在single stage 那里出了什么错?

2023-04-14 00:22 2 · 回答