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wyrw · 2025年06月30日

本题为何不采用一阶段模型计算

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

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：

Solution

A 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.

本题为何思考思路不是采用一阶段模型计算呢



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王园圆_品职助教 · 2025年06月30日

同学你好，因为题目信息明确说了——“Raman collects additional data for valuing PBRI using the multistage RI model. For this model, he assumes an annual growth rate of residual income of 15% during the forecast horizon of 5 years (Years 1 to 5) and discounts the terminal year’s residual income as a perpetuity. Other inputs are found in Exhibit 2.”——也就是题目要求我们按照多阶段RI模型来计算，并且terminal value计算需要把RI当作永续年金也就是RI保持不变来计算

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