题目已经说了2014年年底价格等于面值即RI为0，为何答案详解中还计算出2014年的RI

问题如下：

8. Under Scenario 2, the intrinsic value per share of the equity of Amersheen is closest to:

选项：

A.

R13.29.

B.

R15.57.

C.

R16.31.

解释：

As the multistage residual income model results in an intrinsic value of R13.29. The multistage residual income model, is:

The first step is to calculate residual income per share for years 2012 2014:

ROE = earnings / book value

Growth rate = ROE × retention rate

Retention rate = 1  (dividends/earnings)

Book valuet = book valuet 1 + earningst 1  dividendst 1

Residual income per share = EPS  equity charge per share

Equity charge per share = book value per sharet × cost of equity

Under Scenario 2, at the end of 2014, it is assumed that share price will be equal to book value per share. This results in the second term in the

equation above, the present value of the terminal value, being equal to zero.

Then, intrinsic value per share is:

$V_0=R7.60+\frac{R2.52}{(1.10)}+\frac{R2.31}{(1.10{)}^2}+\frac{R1.98}{(1.10{)}^3}=R13.29$