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Anny Yang · 2024年07月12日

persistence factor题目中和解题中不一致

* 问题详情,请 查看题干

NO.PZ201710200100000408

问题如下:

8. 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:

C is correct.

Residual income per share for the next three years is calculated as follows.

Because Castovan forecasts that residual income per share will be constant into perpetuity, equal to Year 3 residual income per share, the present value of the terminal value is calculated using a persistence factor of 1.

Present value of terminal value = 8.54(0.087×58.25)(1+0.0871)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}

= 3.47(0.087)(1.087)2\frac{3.47}{ ( 0.087 ) ( 1.087 ) ^2} =33.78

So, the intrinsic value of TTCI is then calculated as follows.

V0=\frac{45.25+3.88/1.087+3.68/(1.087)^2+33.78}=85.71

题目正文写的persistence factor 是0.1, 解题里用的是1?

1 个答案

王园圆_品职助教 · 2024年07月12日

同学你好,请注意仔细读题哦,题目要求的是红色框的Castvan的观点下的RI模型,你看的persistence factor =0.1的观点是Beckworth的,属于后面小题的内容,跟本题无关

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NO.PZ201710200100000408 问题如下 8. 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. C is correct.Resiincome per share for the next three years is calculatefollows.Because Castovforecasts thresiincome per share will constant into perpetuity, equto Ye3 resiincome per share, the present value of the terminvalue is calculateusing a persistenfactor of 1.Present value of terminvalue = 8.54−(0.087×58.25)(1+0.087−1)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}(1+0.087−1)(1+0.087)28.54−(0.087×58.25)​= 3.47(0.087)(1.087)2\frac{3.47}{ ( 0.087 ) ( 1.087 ) ^2}(0.087)(1.087)23.47​ =33.78 So, the intrinsic value of TTis then calculatefollows.V0=\frac{45.25+3.88/1.087+3.68/(1.087)^2+33.78}=85.71 如题,谢谢!

2024-08-20 08:56 2 · 回答

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2024-04-08 23:50 1 · 回答

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2023-06-04 12:45 2 · 回答

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2023-04-14 00:22 2 · 回答