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摇一摇 · 2025年05月08日

2016年book value=5.8是怎么算出来的

  1. CFA II
  2. Equity

NO.PZ2018103102000064

问题如下：

Jacques prepares to update the valuation of TMT. The company’s expected ROE in 2017 is 34.5% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter.  As of the beginning of 2015, based upon the information in the below table, use the multistage-stage residual income (RI) model to determine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to:

选项：

A.

22.72.

B.

14.97.

C.

78.81.

解释：

B is correct.

考点：RI

解析：B是正确的。第一步是计算2015 - 2017年的每股剩余收益:

第二步是计算终值的现值:

PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7

那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97

2016年book value=5.8是怎么算出来的

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1 个答案

王园圆_品职助教 · 2025年05月08日

同学你好，BV期末 = BV期初 + NI -Dividend

所以2016年期初的BV =2015年期末的BV = 5 + 2-1.2 = 5.8

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