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椰子鸡 · 2025年05月02日

(ROE-r)*B0

NO.PZ2023032701000055

问题如下:

At the conclusion of their meeting, Beckworth asks Castovan to value SSX using RI models. Selected fnancial information on SSX is presented in Exhibit 1:

Based on Exhibit 1, residual income for SSX is closest to:

选项:

A.

€40.9 million

B.

€90.2 million

C.

133.9 million

解释:

C is correct. The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge.

Residual income = Net income – Equity charge

Calculation of Net Income (values in millions):

Equity charge = Total assets × Equity weighting × Cost of equity

Equity charge = €4,000 million × 0.40 × 0.15 = €240 million

Therefore, residual income = €373.9 million – €240 million = €133.9 million.

Alternatively, residual income can be calculated from NOPAT as follows.

Residual income = NOPAT – Total capital charge

NOPAT = EBIT × (1 – Tax rate)

NOPAT = €700 million × (1 – 0.35) = €455 million

The total capital charge is as follows.

Equity charge = Total assets × Equity weighting × Cost of equity

= €4,000 million × 0.40 × 0.15

= €240 million

Debt charge = Total assets × Debt weighting × Pretax cost of debt × (1 – Tax rate)

= €4,000 million × 0.60 × 0.052(1 – 0.35)

= €81.1 million

Total capital charge = €240 million + €81.1 million = €321.1 million

Therefore, residual income = €455 million – €321.1 million = €133.9 million

(ROE-r)*B0 算不出来诶

1 个答案

王园圆_品职助教 · 2025年05月02日

同学你好,算不出来就对了啊,因为题目就是想考NI的计算原理,然后用RI =NI -BV*Re这个公式才能计算出结果,如果让你用(ROE-Re)*BV就算出来了,这个题目不就白出了,出题人的出题意图就白费了

所以这里的ROE就是一个多余条件,用不了的