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：
SolutionA 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.
residual income现金流的折现模型是否仍是考点
