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临江仙 · 2023年11月08日

请教 Equity charge per share是如何得到的

  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

请教 Equity charge per share是如何得到的

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王园圆_品职助教 · 2023年11月08日

同学你好， Equity charge per share就是”每股股东投资要求的回报“的意思

所以就是BVt-1*Re=当年的 Equity charge per share

例如2015年底的 Equity charge per share = 5*8% = 0.4，同时2015年底也就是2016年年初的BV=5+2-1.2 = 5.8

2016年底的Equity charge per share = 5.8*8% = 0.464

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