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Sofia nice · 2025年05月08日

不会

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

还是不太懂这个终值的求法:PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7,1.88是2017年末的RI,对吧?要折现到2015年初,应该折现三年,分母之所以是折现两年,是计算到2017年初就是2016年末的终值,然后再折现两年,是这个意思?


另外 equity charge那一行是什么意思。


老师能不能帮忙理一下这道题目的解题思路。

1 个答案

王园圆_品职助教 · 2025年05月08日

同学你好,1.88是2017年年末的RI,但是1.88/(1+0.08-0.85)是PVRI = RI/(1+w-r)这个公式来的,所以2017年的RI求终值PVRI,自然就落在了2016年的年底呀,然后这个PVRI整体只需要再向前折现2年,就落在了V0所在的2015年年初这个时点了

另外,RI = NI -Re*BV,其中的Re*BV就是equity charge的意思,代表“股东投资一年BV所要求的回报金额”的意思

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