NO.PZ201512300100001207
问题如下：
7. Under Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:
选项：
A.R13.29.
B.R15.57.
C.R16.31.
解释：
As the multistage residual income model results in an intrinsic value of R16.31.
This variation of the multistage residual income model, in which residual income fades over time, is:
where
The first step is to calculate residual income per share for years 2012
ROE = earnings / book value
Growth rate = ROE × retention rate
Retention rate = 1
Book valuet= book valuet
Residual income per share = EPS
Equity charge per share = book value per sharet× cost of equity
Using the residual income per share for 2015 of R1.608, the second step is to calculate the present value of the terminal value:
PV of Terminal Value =
Then, intrinsic value per share is:
老师好，
我去看了下原版书课后题的视频讲解，发现老师在求解RI2015的时候用的是((ROE-Re)*BV2014)/(Re-g)的公式来求的，可是这个公式不是适用于一阶段模型的吗？可以将一阶段模型的这个公式用于多阶段模型吗？我把视频截图放上来方便老师参考，黄色的地方就是课后题老师的讲解所用的公式。
谢谢老师。
