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肖瀚 · 2022年08月23日

PV of Terminal Value

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

请问用1.88计算终值的时候,分子上不需要用1.88*persistent factor吗,我看老师讲义的公式上分子上RI*persistent factor

1 个答案
已采纳答案

王园圆_品职助教 · 2022年08月23日

嗨,爱思考的PZer你好:


同学你好,请看以下讲义截图,紫色画线部分

具体李老师讲义上的这个PVRI公式——就是分子是RI *w的这个打印版公式,是由右边红色笔记的PVRI公式——就是分子是RI的这个公式的基础上,再向后一期推导出来的

李老师上课的时候推导过,当1+g=w,从PVRIt=RI/(r-g)向后推导一期并且带入g=w-1以后,可以得到PVRI=RI*w/(1+r-w)

而这道例题的解析,使用的是PVRI=RI/(1+r-w)这个公式计算的

也就是说,你也可以用李老师上课的公式进行计算,只是由于计算的PVRI会向后多一期,所以折现的时候需要记得将新的PVRI和RI2017一起向前折现3年(而不是像答案中的折现2年)即可。

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