NO.PZ2018111302000003
问题如下:
In order to value a property with constant growth rate in income and value using DCF method, an analyst collects below DCF assumptions: Going-in cap rate is 5.5%, terminal cap rate is 6%, discount rate is 7.25%, what’s the growth rate of the target property?
选项:
A.0.50%
B.1.25%.
C.1.75%.
解释:
C is correct.
考点:DCF assumption
解析:被投资房地产的收入和价值都是一致的增长率,等于折现率discount rate (7.25%) – 现行的资本化率going-in cap rate (5.50) = 1.75%.
问题1:题目最后只问了growth rate是多少,我怎么知道问的是一阶段的g还是二阶段的g?
问题2:r0(0时刻的回报率)和rn(n时刻求终值的回报率)是可能因为风险不同,而不同吧?那题目直接只说“the required rate of return”,我怎么知道是给的啥时刻的回报率?
问题3:g0和gn可能会不同吗?
问题4:如果g0和gn不同(照题目来看是不同的),那为什么题目一开头还能将这个资产的growth rate描述成“constant”?