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:
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