计算过程

NO.PZ2025041801000082

问题如下：

Question

Using a multi-stage residual income model, the per share value of the company's stock is closest to:

An analyst gathers the following information about a company:

选项：

A.A.€20.

B.B.€45.

C.C.€74.

解释：

calculate and interpret the intrinsic value of a common stock using single-stage (constant-growth) and multistage residual income models

麻烦请老师补充下计算过程

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王园圆_品职助教 · 2025年05月10日

RI1 =EPS1-BV0*Re = 5.1- 8.5%*25.5 = 2.93

BV1 = 25.5 +5.1 - 1.25 = 29.35

RI2 = 5.87 - 29.35* 8.5% = 3.38

BV2 = 29.35 + 5.87 - 1.5 = 33.72

PVRI2 = P/B *BV2 - BV2 = 1.5*33.72 - 33.72 = 16.86

V0 = 25.5 + 2.93/1.085 + (3.38+16.86)/ (1.085^2) = 45.39——选B

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