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台风来了 · 2024年04月18日

计算residual income时的equity 和net income

  1. CFA II
  2. Equity

NO.PZ2023032701000063

问题如下：

Raman collects additional data for valuing PBRI using the multistage RI model. For this model, he assumes an annual growth rate of residual income of 15% during the forecast horizon of 5 years (Years 1 to 5) and discounts the terminal year’s residual income as a perpetuity. Other inputs are found in Exhibit 3.

Exhibit 3 Data for Residual Income Model

Using the data in Exhibit 3, Raman's estimate of the contribution that the terminal value of the residual income stream in 5 years will contribute to the current value of equity is closest to:

选项：

A.

$42.25

B.

$61.91

C.

$48.82

解释：

Using a multi-stage residual income model and the data in Exhibit 3:

Equity charge = Equity capital × Cost of equity capital= 20.97 × 0.124 = $2.60 million

Residual income of the more recent year = Net income – Equity charge= 8.00 – 2.60 = $5.40 million

Raman’s assumed growth rate during the forecast period of five years = 15%

Annual residual income during the no growth period (after Year 5) = 5.40 × (1.15)5 = $10.86 million

Present value (PV) of the residual income from perpetual period, as at T = 5 = ($10.86/0.124)=$87.58 million

PV of the perpetual period residual income at T0= 87.58/(1.124)5=$48.82 million

老师，您好！

题中给出的初始equity是20.97，NI是8，我理解这是最近年份的财务数据。但是关键疑问是：20.97的equity中包含了net income 的8 中的部分 retained earnings吗？即一年的净利润是8，那20.97的equity是期初的还是期末的equity ？这导致后续计算完全不同。麻烦老师解释一下，谢谢！

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1 个答案

王园圆_品职助教 · 2024年04月18日

同学你好，RI这里的计算，你不用想这么复杂的。一般题目给的初始的Equity的条件一定是期初的BV0，而条件第一年的NI肯定是NI1

也就是这个BV0肯定是不包含NI1的一个干净的期初值-对应到本题就是，20.97的BV0肯定不包含8的NI

题目没有必要在这种纯粹文字游戏上的地方设置障碍增加同学解题复杂度，同学不用担心哦

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