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.
假如最后算上persistent factor
那结果是不是 year3 = 3.47255
然后year4 往前这一年
(1+0.12−0.1)(3.47255⋅0.1） ,然后得到结果后再往前折现三年？？
