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兔儿爷 · 2022年05月22日

能不能用老师上课教的方法 详细写出来 ，看了好几个提问和答案感觉还是很模糊

  1. CFA II
  2. Equity

NO.PZ2018103102000064

问题如下：

Jacques prepares to update the valuation of TMT. The company’s expected ROE in 2017 is 34.5% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter.  As of the beginning of 2015, based upon the information in the below table, use the multistage-stage residual income (RI) model to determine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to:

选项：

A.

22.72.

B.

14.97.

C.

78.81.

解释：

B is correct.

考点：RI

解析：B是正确的。第一步是计算2015 - 2017年的每股剩余收益:

第二步是计算终值的现值:

PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7

那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97

能不能用老师上课教的方法 详细写出来 ，看了好几个提问和答案感觉还是很模糊

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2 个答案

王园圆_品职助教 · 2022年05月23日

嗨，从没放弃的小努力你好：


好的同学

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

王园圆_品职助教 · 2022年05月22日

嗨，爱思考的PZer你好：


同学你好，RI2015到RI2017，我这里展示2015年和2016年的RI计算做示例：

RI2015 = earings 2015 - Re* BV2014(即BV12015年初值） = 2-5*0.08 = 1.6

此时2015年末BV= 5 + 2-1.2 = 5.8

RI2016 = 2.2-5.8*0.08 = 1.736=1.74

李老师上课方法是RI2018计算PVRI

RI2018 = RI2017*persistence factor = 1.88* 0.85 = 1.598

PVRI = RI2018/(1+r-w) = 1.598/(1+0.08-0.85) = 6.9478

最后计算value

V= BV2015年初 + RI2015/（1+r) + RI2016/(1+r)^2 +(RI2017+PVRI)/(1+r)^3 = 5+1.6/(1.080)+1.74/(1.08)^2 + (1.88+6.9478)/(1.08)^3 = 14.97

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加油吧，让我们一起遇见更好的自己！

兔儿爷 · 2022年05月23日

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