问一道题：NO.PZ201512300100001207 第7小题 [ CFA II ]

NO.PZ201512300100001207问题如下7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31老师帮忙看一下这样做有什么问题

NO.PZ201512300100001207问题如下7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:A.R13.29.B.R15.57.C.R16.31.the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31如图为什么不能这么算

NO.PZ201512300100001207 问题如下 7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to: A.R13.29. B.R15.57. C.R16.31. the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31 1. T不是应该代表进入到第二段时间的时间吗？这道题的T难道不应该是2015吗？跟2016又有什么关系呀？2.我理解的是，下面黑色打印的这个公式T-1对应的就是2014年，用RI 2015计算对应2014年年底的PVRI然后折3年回去（也就是老师的红字部分），这个没问题。但是老师的解析我看写的“如果要使用李老师的公式，则需要向后推导一年，计算出RI2016以后才可以使用，并且折现的PVRI就会落在2015年年末，需要和2015年的RI=1.608一起折现4年到0时刻，就可以获得和本题一样的答案了”。这跟2016年有什么关系呢？如果2016年的话，不应该是RI(T+1）吗？既然是红色公式再向后一期推导出来的

NO.PZ201512300100001207 问题如下 7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to: A.R13.29. B.R15.57. C.R16.31. the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31 RI 2015 = 1.608可以理解，但是PVRI 2015 还是没看懂

NO.PZ201512300100001207 问题如下 7. Unr Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to: A.R13.29. B.R15.57. C.R16.31. the multistage resiincome mol results in intrinsic value of R16.31.This variation of the multistage resiincome mol, in whiresiincome fas over time, is: where is the persistenfactor.The first step is to calculate resiincome per share for years 2012 2015:ROE = earnings / book valueGrowth rate = ROE × retention rateRetention rate = 1 (vin/earnings)Book valuet= book valuet 1 + earningst 1 vint 1Resiincome per share = EPS equity charge per shareEquity charge per share = book value per sharet× cost of equityUsing the resiincome per share for 2015 of R1.608, the seconstep is to calculate the present value of the terminvalue:PV of TerminValue =R1.6081+0.10-0.70(1.10)3=R3.0203Then, intrinsic value per share is:V0=R7.60+R2.52(1.10)+R2.31(1.10)2+R1.98(1.10)3+R3.0203=R16.31 老师，这个公式没有看懂