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Peter · 2020年01月20日

问一道题：NO.PZ2018103102000064

  1. CFA II
  2. Equity

问题如下：

Jacques prepares to update the valuation of TMT. The company’s expected ROE in 2017 is 34.5% but it is assumed that the firm’s ROE will slowly decline towards the cost of equity thereafter.  As of the beginning of 2015, based upon the information in the below table, use the multistage-stage residual income (RI) model to determine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to:

选项：

A.

22.72.

B.

14.97.

C.

78.81.

解释：

B is correct.

考点：RI

解析：B是正确的。第一步是计算2015 - 2017年的每股剩余收益:

第二步是计算终值的现值:

PV of Terminal Value =1.88/(1+0.08-0.85)(1.08)2=7

那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97

如果按李老师的方法，算出来RI2017的值=1.88，然后用1.88*0.85/（0.88-0.85+1）然后再折1.08^3，这样做算出来答案不一样。。


还有就是如果要折1.03^3的话应该怎么算？

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3 个答案

src · 2020年11月15日

没看懂表格是怎么算出来的

Ray12 · 2020年02月25日

maggie解题看的清晰明了

maggie_品职助教 · 2020年01月21日

1、我把详细步骤列了一下，供你参考：


2、1.08^3在计算器：1.08 yx 3

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NO.PZ2018103102000064 问题如下 Jacques prepares to upte the valuation of TMT. The company’s expecteROE in 2017 is 34.5% but it is assumeththe firm’s ROE will slowly cline towar the cost of equity thereafter. of the beginning of 2015, baseupon the information in the below table, use the multistage-stage resiincome (RI) mol to termine the intrinsic value of the equity of TMT. The intrinsic value per share is closest to: A.22.72. B.14.97. C.78.81. B is correct.考点RI解析B是正确的。第一步是计算2015 - 2017年的每股剩余收益:第二步是计算终值的现值:PV of TerminValue =1.88/(1+0.08-0.85)(1.08)2=7那么每股的内在价值就是: V0=5+1.6/(1.080)+1.74/(1.08)2+7=14.97 terminvalue的折现为什么不是3年而是2年？

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