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Vivien · 2021年02月22日

求终值的时候不是已经包含了B0的部分,为什么最后求Value的时候又要加一次

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=RI3r×(1+r)3=2.770.109×1.1093=18.63PV=\frac{RI_3}{r\times\left(1+r\right)^3}=\frac{2.77}{0.109\times1.109^3}=18.63

V0=28.25+3.421.109+4.221.1092+2.771.1093+18.63=55.43V_0=28.25+\frac{3.42}{1.109}+\frac{4.22}{1.109^2}+\frac{2.77}{1.109^3}+18.63=55.43

老师,这道题的答案我理解,但是有个地方我不是很清楚,我们在计算终值的时候不是已经等于计算了终值折现的现值,为什么我们在计算Value的时候又再加了一次B0,不会重复嘛?这个部分我没有想明白,老师能解释一下嘛?谢谢

1 个答案

Debrah_品职答疑助手 · 2021年02月22日

嗨,从没放弃的小努力你好:


同学仔细看哦,18.63是从第三年开始未来的RI折现到0时刻的,叫做“终值的现值”。而28.25是真正0时刻的BV0哦,不要混了。加油

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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