开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

西红柿面 · 2024年06月11日

这道题有个地方没有明白

  1. CFA II
  2. Equity

NO.PZ2023032701000064

问题如下：

Castovan’s final assignment is to determine the intrinsic value of TTCI using both a singlestage and a multistage RI model. Selected data and assumptions for TTCI are presented in Exhibit 2.

For the multistage model, Castovan forecasts TTCI’s ROE to be higher than its long-term ROE for the first three years. Forecasted earnings per share and dividends per share for TTCI are presented in Exhibit 3. Starting in Year 4, Castovan forecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminal value is based on an assumption that residual income per share will be constant from Year 3 into perpetuity.

Beckworth questions Castovan’s assumption regarding the implied persistence factor used in the multistage RI valuation. She tells Castovan that she believes that a persistence factor of 0.10 is appropriate for TTCI.

Based on Exhibits 2 and 3 and the multistage RI model, Castovan should estimate the intrinsic value of TTCI to be closest to:

选项：

A.

€54.88

B.

€83.01

C.

€85.71

解释：


题目中说了关于终值的处理，说3年之后就按照永续不变了，我也是按照这个求解的“The terminal value is based on an assumption that residual income per share will be constant from Year 3 into perpetuity.”


但前面这个条件没有用到，“Starting in Year 4, Castovan forecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. ”，如果用这个ROE带入RI4的计算，得到的RI4结果并不等于3.47也就是永续的值

添加评论
2 个答案
已采纳答案

王园圆_品职助教 · 2024年06月11日

同学你好，前面那个条件本身就是多余条件哦

题目只是说ROE会和Re一样，但是用这个条件是不能计算PVRI的，你回忆一下四种计算PVRI的方法中，有任何一种是用ROE和Re的关系来计算的嘛？都没有对不对？

所以这个条件不能用，而是只能用前面关于RI从第3年以后永续保持不变得条件来求解PVRI

phoebeqp · 2024年11月14日

题干里没说ROE和Re一样啊，说的是ROE会回归到长期ROE，这个ROE为什么不能拿去算呢

王园圆_品职助教 · 2024年11月14日

同学你好，”Castovan forecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually“——还是一样的，四种计算多阶段PVRI的模型里，没有人任何一种是用ROE和Re 来计算PVRI的，必须加入w这个条件，而题目到这里为止是没有给出w的条件的，那光用这个条件就没法计算PVRI哦。你用这个ROE和Re最多能计算某一期的RI的值，对于所有未来RI折现到终值，这句话没有帮助

而后面一句话”the terminal value is based on an assumption that residual income per share will be constant from Year 3 into perpetuity.“——直接给了终值的计算方式，所以就应该用这个条件才最直接

  • 2

    回答

  • 0

    关注

  • 245

    浏览
相关问题

NO.PZ2023032701000064 问题如下 Castovan’s finassignment is to termine the intrinsic value of TTusing both a singlestage ana multistage RI mol. Selecteta anassumptions for TTare presentein Exhibit 2.For the multistage mol, Castovforecasts TTCI’s ROE to higher thits long-term ROE for the first three years. Forecasteearnings per share anvin per share for TTare presentein Exhibit 3. Starting in Ye4, Castovforecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminvalue is baseon assumption thresiincome per share will constant from Ye3 into perpetuity. Beckworth questions Castovan’s assumption regarng the impliepersistenfactor usein the multistage RI valuation. She tells Castovthshe believes tha persistenfactor of 0.10 is appropriate for TTCI.Baseon Exhibits 2 an3 anthe multistage RI mol, Castovshoulestimate the intrinsic value of TTto closest to: A.€54.88 B.€83.01 C.€85.71 PVRIt-1=(RIt-1xω)/(1+r-ω) 为什么不用这个公式折现？

2024-11-14 10:23 1 · 回答

NO.PZ2023032701000064 问题如下 Castovan’s finassignment is to termine the intrinsic value of TTusing both a singlestage ana multistage RI mol. Selecteta anassumptions for TTare presentein Exhibit 2.For the multistage mol, Castovforecasts TTCI’s ROE to higher thits long-term ROE for the first three years. Forecasteearnings per share anvin per share for TTare presentein Exhibit 3. Starting in Ye4, Castovforecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminvalue is baseon assumption thresiincome per share will constant from Ye3 into perpetuity. Beckworth questions Castovan’s assumption regarng the impliepersistenfactor usein the multistage RI valuation. She tells Castovthshe believes tha persistenfactor of 0.10 is appropriate for TTCI.Baseon Exhibits 2 an3 anthe multistage RI mol, Castovshoulestimate the intrinsic value of TTto closest to: A.€54.88 B.€83.01 C.€85.71 根据题干内容，从第四年开始ROE永久变成12%，那我用 （12% - 8.7%）* BV3 计算一个RI4不可以吗？

2024-10-26 14:47 1 · 回答

NO.PZ2023032701000064 问题如下 Castovan’s finassignment is to termine the intrinsic value of TTusing both a singlestage ana multistage RI mol. Selecteta anassumptions for TTare presentein Exhibit 2.For the multistage mol, Castovforecasts TTCI’s ROE to higher thits long-term ROE for the first three years. Forecasteearnings per share anvin per share for TTare presentein Exhibit 3. Starting in Ye4, Castovforecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminvalue is baseon assumption thresiincome per share will constant from Ye3 into perpetuity. Beckworth questions Castovan’s assumption regarng the impliepersistenfactor usein the multistage RI valuation. She tells Castovthshe believes tha persistenfactor of 0.10 is appropriate for TTCI.Baseon Exhibits 2 an3 anthe multistage RI mol, Castovshoulestimate the intrinsic value of TTto closest to: A.€54.88 B.€83.01 C.€85.71 1、既然persistenfactor of 0.10，为什么W=1?2、RI=NI-re*BO,比如求2023年的RI，那么用的NI是2023年的，BO是2022年的，我理解的对吗？

2023-09-20 18:51 1 · 回答

NO.PZ2023032701000064 问题如下 Castovan’s finassignment is to termine the intrinsic value of TTusing both a singlestage ana multistage RI mol. Selecteta anassumptions for TTare presentein Exhibit 2.For the multistage mol, Castovforecasts TTCI’s ROE to higher thits long-term ROE for the first three years. Forecasteearnings per share anvin per share for TTare presentein Exhibit 3. Starting in Ye4, Castovforecasts TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminvalue is baseon assumption thresiincome per share will constant from Ye3 into perpetuity. Beckworth questions Castovan’s assumption regarng the impliepersistenfactor usein the multistage RI valuation. She tells Castovthshe believes tha persistenfactor of 0.10 is appropriate for TTCI.Baseon Exhibits 2 an3 anthe multistage RI mol, Castovshoulestimate the intrinsic value of TTto closest to: A.€54.88 B.€83.01 C.€85.71 0.1还是1？

2023-07-09 17:25 1 · 回答