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十种笠 · 2022年06月13日

为什么V0不是PVRI1+PRVI2+PVRI3+PVTV?

  1. CFA II
  2. Equity

* 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+0.087−1)(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

为什么V0不是PVRI1+PRVI2+PVRI3+PVTV?

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1 个答案

王园圆_品职助教 · 2022年06月14日

嗨，从没放弃的小努力你好：


同学你好，请看以下原题截图，标黄色的地方，这里的意思是终值的计算假设是基于RI从第三年开始就会稳定不变来计算的

由于RI3=RI4=RI5=......，所以其实从RI3开始就可以求终值。如果从RI3求终值，那RI3/r得到的是第二年年末的PVRI，再继续向前折现到0时刻，就只需要折现2年。同时只需要对RI1和RI2分别向前折现1年和2年即可

如果你不习惯这种计算方法，也可以从RI4开始计算终值，RI4/r可以得到第三年年末的PVRI，此时该PVRI需要向前折现3年，但是需要注意，RI1，RI2,RI3依然需要各自向前分别折现1年，2年，和3年

方法一： PVRI = RI3/r = 3.47/0.087 = 39.8851

V0 = B0 + RI1/(1+r) + RI2/(1+r)^2 + PVRI/(1+r)^2 = 45.25+3.88/1.087 + 3.68/1.087^2 + 39.8851/1.087^2 = 85.71

方法二： RI4=RI3 = 3.47， PVRI' =3.47/0.087 =39.8851

V0 = B0 + 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

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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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

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