题目信息
For the multistage model, Castovan forecasts TTCI’s ROE to be higher than its
long-term ROE for the first three years. Forecasted earnings per share and dividends
per share for TTCI are presented in Exhibit 3. Starting in Year 4, Castovan forecasts
TTCI’s ROE to revert to the constant long-term ROE of 12% annually. The terminal
value is based on an assumption that residual income per share will be constant from
Year 3 into perpetuity
这两句是不是矛盾，用这个ROE和re算出来的RI是2.15
但是第三年的RI是3.47
答案里用第三年的RI计算的
给的答案
Because Castovan forecasts that residual income per share will be constant into
perpetuity, equal to Year 3 residual income per share, the present value of the
terminal value is calculated using a persistence factor of 1.
