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MH · 2021年01月12日

问一道题：NO.PZ2018103102000064 [ CFA II ]

  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

题目中是"slowly decline towards cost of equity",为什么答案是直接第二年就立即等于cost of equity 了?

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1 个答案

Debrah_品职答疑助手 · 2021年01月13日

同学你好，我没懂你的意思，题目中说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.  公司的cost of Equity不是8%么，你说的第二年指的是2018年吗？不需要计算2018年的ROE啊

MH · 2021年01月13日

哦，我理解错了，这个问题可以删掉了

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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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