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Peter · 2020年01月20日

问一道题:NO.PZ2018103102000105

问题如下:

Matt is evaluating Company M by using the multistage residual income model. He has forecasted that residual income per share will be constant from year 3 into perpetuity and the short-term ROE is higher than the long-term ROE. He has also estimated the earnings and dividends for the following three years in the following table. What`s the intrinsic value of Company M?

选项:

A.

$27.18

B.

$48.91

C.

$55.43

解释:

C is correct.

考点:Multistage Residual Income Valuation

解析:先计算出每一年的BV

      BV1 = BV0 + EPS - Dividends 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*B0 = 6.50-10.9%*28.25 = $3.42,同理可得RI2 = $4.22,RI3 = $2.77

      终值的现值:$$\(PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=\$18.63\)</p><p>

\(V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=\$55.43\)$$

想问一下这里的EPS为什么可以直接等于NI来用呢,是不是如果没说在外发行多少股的时候都可以通用?

1 个答案

maggie_品职助教 · 2020年01月20日

嗨,从没放弃的小努力你好:


因为其他条件都是每股的,你看红利和BV给的都是DPS和BVPS,所以此时RI公式就等于EPS-RE*BVPS. 此时RI也是每股的剩余价值

如果题目给你的是总共的NI , 总的股利,和BV,那么计算就用RI=NI-RE*BV。选择哪个公式要看题目给了我们怎样的数据。


-------------------------------
努力的时光都是限量版,加油!


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