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 =
= =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
老师 先用第三年的RI=3.47除以r,得到第四年年初的value=39.885 , 然后CF1=3.88,CF2=3.68,CF3=3.47+39.885 用r=8.7%折现,再加BV0 ,这样算对吗,怎么没有答案?