对第二阶段的理解有差异

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 NO.PZ2018103102000105问题如下Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M?A.$27.18B.$48.91C.$55.43C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的BVBV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15再计算出每一年的RIRI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43为什么第三年到永续用的是折现三年而不是两年呢，谢谢老师

NO.PZ2018103102000105问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18B.$48.91C.$55.43C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43虽然计算中并不涉及，但题目中的long-term ROE是否并不适用第一年到第三年？一至三年的EPS/BV并不等于这个14.5%。谢谢

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 RI will constant from ye3，从这句话可以知道ω=1，g=0，但是表格里面还给了个LT growth rate = 5.5%，这不也是g吗？那么g到底是0还是5.5%？

NO.PZ2018103102000105 问题如下 Matt is evaluating Company M using the multistage resiincome mol. He hforecastethresiincome per share will constant from ye3 into perpetuity anthe short-term ROE is higher ththe long-term ROE. He halso estimatethe earnings anvin for the following three years in the following table. What`s the intrinsic value of Company M? A.$27.18 B.$48.91 C.$55.43 C is correct.考点Multistage ResiIncome Valuation解析先计算出每一年的 BV1 = BV0 + EPS - vin per share = 28.25 + 6.5 - 1.75 = $33，同理可得BV2 = $38.19，BV3 = $43.15 再计算出每一年的RI RI1 = EPS1 – re*= 6.50-10.9%*28.25 = $3.42，同理可得RI2 = $4.22，RI3 = $2.77 终值的现值:PV=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63PV=r×(1+r)3RI3​​=0.109×1.10932.77​=18.63V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43V0​=28.25+1.1093.42​+1.10924.22​+1.10932.77​+18.63=55.43 老师 可以用李老师上课讲的公式给一个解题过程吗，尤其是最后一年加上的那个值不会算，可以画图说明一下吗