NO.PZ201710200100000409
问题如下:
9. The persistence factor suggested by Beckworth will lead to a multistage value estimate of TTCI’s shares that is:
选项:
A.less than Castovan’s multistage value estimate.
B.equal to Castovan’s multistage value estimate.
C.greater than Castovan’s multistage value estimate.
解释:
A is correct.
In Castovan’s multistage valuation, she assumes that TTCI’s residual income will remain constant in perpetuity after Year 3. This perpetuity assumption implies a persistence factor of 1 in the calculation of the terminal value. A persistence factor of 0.10 indicates that TTCI’s residual income is forecasted to decline at an average rate of 90% per year. This assumption would lead to a lower valuation than Castovan’s multistage value estimate, which assumes that residual income will remain constant in perpetuity after Year 3.
嗨,爱思考的PZer你好:
根据公式,PVRI(t-1)=RI(t-1)*w/(1+r-w).
C同学假设TTCI的剩余收入在第3年之后将保持不变。这种永久性假设意味着在计算最终值时,w为1。也就是PVRIt-1=RI(t-1)/r,此时的PVRI是最大的。
但是根据B同学的假设,w为0.1,此时计算出来的PVRI肯定小于C同学。
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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!
老师,复习到这里的时候,突然卡壳了,有个小疑问,w是衰减因子,是1+g,也就是w等于1的时候,无增长,g等于零,那么估值应该更低吧?也就是说,w越小,g越大,那么估值越大。这个思路错了?