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

Anny Yang · 2025年04月21日

第一步里面算出来的5.4m的RI不应该是第一年的吗？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ202303150300000704

问题如下：

Using the data in Exhibit 1, Raman’s estimate of the contribution that the terminal value of the residual income stream in 5 years will contribute to the current value of equity (in $ millions) is closest to:

选项：

A.$48.82. B.$61.91. C.$42.25.

解释：

Solution

A is correct. Using a multi-stage residual income model and the data in Exhibit 3:

Equity charge = Equity capital × Cost of equity capital

= 20.97 × 0.124

= $2.60 million

Residual income of the most recent year = Net income – Equity charge

= 8.00 – 2.60

= $5.40 million

Raman’s assumed growth rate during the forecast period of five years = 15%

Annual residual income during the no growth period (after Year 5) = 5.40 × (1.15)5 = $10.86

PV of the residual income from perpetual period, as at T = 5 = ($10.86/0.124) = $87.58

PV of the perpetual period residual income at T = 0 = 87.58/(1.124)5 = $48.82

B is incorrect. It uses the Year 0 residual income as Year 1---one year timing difference.

C is incorrect. It uses WACC as the discount rate instead of the required return on equity.

第一步计算的5.4m的RI不应该是RI1吗？为什么是RI0？

添加评论
1 个答案

王园圆_品职助教 · 2025年04月21日

同学你好，因为题目说了”“For this model, he assumes an annual growth rate of residual income of 15% during the forecast horizon of 5 years (Years 1 to 5)“也即是认为RI有增长率的是第一年RI1到第五年的RI5，所以根据表格2的信息算出来的就只能是0时刻的RI0了

不过这个题目确实有点牵强，如果说清楚是站在current year 年末的估值可能就不至于造成混淆了

这道题有点像套着RI的皮考察DDM 模型，所以不是标准题目，同学不用太在意，考试正式的题目应该表述会更清晰的

  • 1

    回答

  • 0

    关注

  • 3

    浏览
相关问题

NO.PZ202303150300000704 问题如下 Using the ta in Exhibit 1, Raman’s estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity (in $ millions) is closest to: A.$48.82. B.$61.91. C.$42.25. SolutionA is correct. Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capit= 20.97 × 0.124 = $2.60 millionResiincome of the most recent ye= Net income – Equity charge = 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86PV of the resiincome from perpetuperio T = 5 = ($10.86/0.124) = $87.58PV of the perpetuperioresiincome T = 0 = 87.58/(1.124)5 = $48.82B is incorrect. It uses the Ye0 resiincome Ye1---one yetiming fference.C is incorrect. It uses WAthe scount rate insteof the requirereturn on equity. 这题哪里说明了5年后是no-growth period

2024-06-16 15:26 1 · 回答

NO.PZ202303150300000704 问题如下 Using the ta in Exhibit 2, Raman’s estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity (in $ millions) is closest to: A.$48.82. B.$61.91. C.$42.25. SolutionA is correct. Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capit= 20.97 × 0.124 = $2.60 millionResiincome of the most recent ye= Net income – Equity charge = 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86PV of the resiincome from perpetuperio T = 5 = ($10.86/0.124) = $87.58PV of the perpetuperioresiincome T = 0 = 87.58/(1.124)5 = $48.82B is incorrect. It uses the Ye0 resiincome Ye1---one yetiming fference.C is incorrect. It uses WAthe scount rate insteof the requirereturn on equity. 这个equity capit在题目哪里体现的

2024-03-27 18:30 1 · 回答