這是上課說有bug的0 growth的題目嗎?

问题如下：

Using the data in Exhibit 1, the estimate of PRBI’s present value of growth opportunities (PVGO) is closest to:

选项：

A.$20.57. B.$27.02. C.$40.34.

解释：

Solution

A is correct. Using the PVGO and assuming that the company has no positive NPV projects:

• PVGO Model:V₀ = E₁/r + PVGO = $70 = [($5.33 × 1.15)/0.124] + PVGO$70 = $49.43 + PVGOPVGO = $70 – $49.43 = $20.57

B is incorrect. It uses E₀ instead of E₁: $70 = ($5.33/0.124) + PVGO = $42.98; PVGO = $27.02

C is incorrect. It uses dividends instead of earnings.

$70 = [(5.33 × 0.60 × 1.15)/0.124] + PVGO

$70 = $29.65 + PVGO

PVGO =$70 – $29.65

= $40.35