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哇哈哈哈 · 2024年10月26日

用RI4 计算PVRI呢？

  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：


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？

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王园圆_品职助教 · 2024年10月26日

同学你好，题干信息要读完整呢”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.“

你如果用ROE =12%计算一个RI4，那以后的RI 怎么计算呢？只根据黄色的那一句话，你还是算不出来未来所有的RI折现到第3年年末的价值的呀

所以只能继续往后看，再后面加粗的那句话才是关键哦，既然后面加粗的那句话说了terminal value是根据什么东西计算的，那就说明前面的黄色那句话就是多余条件，根本用不到哦，直接根据加粗的那句话就知道，RI4就应该等于RI3，并且用PVRI3= RI4/r就可以计算未来所有RI折现到第3年年末的值了

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