Nenkov’s second comment is correct because the excess earnings method involves estimating the earnings remaining after deducting the amounts that reflect the required returns to working capital and tangible assets. The residual amount of earnings (i.e., the excess earnings) is capitalized to obtain an estimate of the value of intangible assets. Therefore, Nenkov’s second comment is correct.
这是2019 Mock B PM的一道题的答案，不太懂，特别是is capitalized to obtain an estimate of the value of intangible assets， 哪里看出RI model是针对无形资产的？
