AJI · 2021年05月16日
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NO.PZ201710200100000406
问题如下：
6. Based on the single-stage RI model and Exhibit 2, Castovan should conclude that TTCI is:
选项：
A.undervalued.
B.fairly valued.
C.overvalued.
解释：
C is correct.
Using the single-stage RI model, the intrinsic value of TTCI is calculated as
The intrinsic value of €80.80 is less than the market price of €126.05, so Castovan should conclude that the stock is overvalued.
如：Justified P/B算出来是1.833，而用P（Market）/B=126.05/45.25=2.79，所以得出Overvalued?
NO.PZ201710200100000406 问题如下 6. Baseon the single-stage RI mol anExhibit 2, Castovshoulconclu thTTis: A.unrvalue B.fairly value C.overvalue C is correct.Using the single-stage RI mol, the intrinsic value of TTis calculate V 0 = B 0 + ROE−r r−g B 0 =45.25+ 01.2−0.087 0.087−0.045 45.25 =80.80 The intrinsic value of €80.80 is less ththe market priof €126.05, so Castovshoulconclu ththe stois overvalue 老师，运用single-stage valution v= B0+pvri 为什么不加45.4 总结126.05比较？
NO.PZ201710200100000406 用RI mol计算，B0+PVRI=B0+【RI0*(1+g）】/re-g=45.25+[(12%-8.7%)*45.25*(1+4.5%)] / 8.7%-4.5% 最终得到82.4
NO.PZ201710200100000406 为什么算出来的80.80直接去和126.05去比了 不是应该80.80再加上45.25，然和再和126.05去比 这样得出fairly valued
请问老师本题最后的intrinsic value 80.80 是如何算出来的？与我计算的数字不一样，谢谢。
