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

Kokonoi Hajime · 2024年09月28日

有点搞不懂什么时候分子是RI什么时候是ROE - r

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001207

问题如下：

7. Under Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:

选项：

A.

R13.29.

B.

R15.57.

C.

R16.31.

解释：

As the multistage residual income model results in an intrinsic value of R16.31.

This variation of the multistage residual income model, in which residual income fades over time, is:

where  is the persistence factor.

The first step is to calculate residual income per share for years 2012 2015:

ROE = earnings / book value

Growth rate = ROE × retention rate

Retention rate = 1  (dividends/earnings)

Book valuet= book valuet 1 + earningst 1  dividendst 1

Residual income per share = EPS  equity charge per share

Equity charge per share = book value per sharet× cost of equity

Using the residual income per share for 2015 of R1.608, the second step is to calculate the present value of the terminal value:

PV of Terminal Value =

R1.6081+0.10-0.70(1.10)3=R3.0203

Then, intrinsic value per share is:

V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31

搞不懂RI model的分母了，上一道题还是ROE - r

添加评论
1 个答案

王园圆_品职助教 · 2024年09月28日

同学你好，RI 模型的计算PVRI的时候，分子肯定是RI呀

无论是一阶段RI模型还是多阶段RI模型，分子都是RI

但是RI=（ROE-Re）*BV0，所以有时候也会用（ROE-Re）*BV0来替代分子部分RI的表达呢

或者你也可以把上一道题的题干截图在这里，助教看到两道题的话，可以更清楚的对比后解答你的问题哦


  • 1

    回答

  • 0

    关注

  • 88

    浏览
相关问题

NO.PZ201512300100001207问题如下7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.311、基础班李老师讲过，衰减率w=1+g, g为负数，但是这里的g=9%，两者似乎冲突了。2、解题过程中也没有用到9%，这个长期增长率g是什么前提假设吗？还是一个干扰项？

2024-10-01 18:00 1 · 回答

NO.PZ201512300100001207问题如下7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31老师帮忙看一下这样做有什么问题

2024-08-07 07:18 1 · 回答

NO.PZ201512300100001207问题如下7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31如图为什么不能这么算

2024-07-13 16:06 1 · 回答

NO.PZ201512300100001207 问题如下 7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to: A.R13.29. B.R15.57. C.R16.31. the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31 1. T不是应该代表进入到第二段时间的时间吗？这道题的T难道不应该是2015吗？跟2016又有什么关系呀？2.我理解的是，下面黑色打印的这个公式T-1对应的就是2014年，用RI 2015计算对应2014年年底的PVRI然后折3年回去（也就是老师的红字部分），这个没问题。但是老师的解析我看写的“如果要使用李老师的公式，则需要向后推导一年，计算出RI2016以后才可以使用，并且折现的PVRI就会落在2015年年末，需要和2015年的RI=1.608一起折现4年到0时刻，就可以获得和本题一样的答案了”。这跟2016年有什么关系呢？如果2016年的话，不应该是RI(T+1）吗？既然是红色公式再向后一期推导出来的

2024-04-01 22:20 1 · 回答