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sipingboy · 2023年11月13日

202311mockA下午第27题

Stark asks Parker to evaluate whether the common stock of Company D is undervalued, fairly valued, or overvalued based on a residual income model. Parker uses the two-stage residual income model to value Company D’s share. For her analysis, she assumes the following:

  • Current market price is $24.00.
  • Beginning book value per share is $20.00.
  • Earnings per share will be 32% of beginning book value for the next year.
  • Cash dividends will be 50% of earnings per share for the next year.
  • At the end of the year, the stock's P/B ratio will be 1.1.
  • Required rate of return on equity is 10%.



以下是答案里计算value的过程:


为什么这里面的terminal value 用的乘数是0.1而不是题目中给的1.1?

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已采纳答案

王园圆_品职助教 · 2023年11月14日

同学你好,请看以下讲义截图的最后一种计算PVRI的方法(黄色线的)

PVRI = P/B*B-B=1.1*B-B=0.1B=2.32——这个计算方法和题目解析倒数第二行的terminal value的计算是完全一致的哦

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