问一道题：NO.PZ201512300100000903 第3小题 [ CFA II ]

NO.PZ201512300100000903 问题如下 AssorteFun a UK-baseglobally versifieequity mutufun is consiring aing TalismEnergy In(Toronto StoExchange: TLM) to its portfolio. Talismis inpennt upstreoil angcompany heauarterein Calgary, Cana. It is one of the largest oil angcompanies in Cana anhoperations in severcountries. Bribson, analyst the mutufun hbeen assignethe task of estimating a fair value of Talisman. bson is aware of severapproaches thcoulusefor this purpose. After carefully consiring the characteristiof the company anits competitors, he believes the company will have extraornary growth for the next few years annormgrowth thereafter. So, he hconclutha two-stage M is the most appropriate for valuing the stock. Talismpays semi-annuvin. The totvin ring 2006, 2007, an2008 have been C$0.114, C$0.15, anC$0.175, respectively. These imply a growth rate of 32 percent in 2007 an17 percent in 2008. bson believes ththe growth rate will 14 percent in the next year. He hestimateththe first stage will inclu the next eight years. bson is using the CAPM to estimate the requirereturn on equity for Talisman. He hestimateththe beta of Talisman, measureagainst the S P/TSX Composite Inx (formerly TSE 300 Composite Inx), is 0.84. The Canarisk-free rate, measurethe annuyielon the 10-yegovernment bon is 4.1 percent. The equity risk premium for the Canamarket is estimate5.5 percent. Baseon these tbson hestimateththe requirereturn on Talismstois 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent. bson is ing the analysis in January 2009 anthe stoprithtime is C$17. bson realizes theven within the two-stage M, there coulsome variations in the approach. He woullike to explore how these variations affethe valuation of the stock. Specifically, he wants to estimate the value of the stofor eaof the following approaches separately. I. The vingrowth rate will 14 percent throughout the first stage of eight years. The vingrowth rate thereafter will 7 percent.II. Insteof using the estimatestable growth rate of 7 percent in the seconstage, bson wants to use his estimate theight years later Talisman’s stowill worth 17 times its earnings per share (trailing P/E of 17). He expects ththe earnings retention ratio thtime will 0.70.III. In contrast to the first approaabove in whithe growth rate clines abruptly from 14 percent in the eighth yeto 7 percent in the ninth, the growth rate woulcline linearly from 14 percent in the first yeto 7 percent in the ninth.3. Whis the terminvalue of the stobaseon the seconapproa(earnings multiple)? A.C$12.12. B.C$28.29. C.C$33.09. B is correct.V8/E8=17/E8=1-0.70=0.30From the table with the calculation tails for the solution to Problem 22, = C$0.4992. So, 0.4992/ E8 = 0.30, whimeans thE8=0.4992/0.30 = 1.6640.V8/E8=17 implies thV8/1.6640 = 17, whigives V8 = 17(1.6640) = C$28.2880. 这道题我是通过P/E和vinpayout Ratio得出来新的g是6.83%，然后用终值的公式得出来终值=28，请问这样算是正确的吗？

NO.PZ201512300100000903 问题如下 3. Whis the terminvalue of the stobaseon the seconapproa(earnings multiple)? A.C$12.12. B.C$28.29. C.C$33.09. B is correct.V8/E8=17/E8=1-0.70=0.30From the table with the calculation tails for the solution to Problem 22, = C$0.4992. So, 0.4992/ E8 = 0.30, whimeans thE8=0.4992/0.30 = 1.6640.V8/E8=17 implies thV8/1.6640 = 17, whigives V8 = 17(1.6640) = C$28.2880. 如标题所示

NO.PZ201512300100000903 问题如下 3. Whis the terminvalue of the stobaseon the seconapproa(earnings multiple)? A.C$12.12. B.C$28.29. C.C$33.09. B is correct.V8/E8=17/E8=1-0.70=0.30From the table with the calculation tails for the solution to Problem 22, = C$0.4992. So, 0.4992/ E8 = 0.30, whimeans thE8=0.4992/0.30 = 1.6640.V8/E8=17 implies thV8/1.6640 = 17, whigives V8 = 17(1.6640) = C$28.2880. 28.29只是8时刻的价值，我感觉应该把第一阶段的折现也加上，站在0时刻求价值。我对比了一下第一小问和这道题，问法一样，所以我觉得应该站在0时刻。

NO.PZ201512300100000903 老师好， 在这道题的解题步骤解析里，将Earning per share用price/Equity代替，请问是为什么？ 我们以前学earning per share不是=(NI-preferrev)/common shares outstanng吗？ 所以我不太能理解，麻烦老师帮忙讲解，谢谢。

NO.PZ201512300100000903 老师好， 这道题用了一个条件就是V8=P8来解的，请问如何得到这个的？谢谢