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锦鲤本鲤 · 2022年01月01日

PVRI3折现

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201710200100000408

问题如下：

8. Based on Exhibits 2 and 3 and the multistage RI model, Castovan should estimate the intrinsic value of TTCI to be closest to:

选项：

A.

€54.88.

B.

€83.01.

C.

€85.71.

解释：

C is correct.

Residual income per share for the next three years is calculated as follows.

Because Castovan forecasts that residual income per share will be constant into perpetuity, equal to Year 3 residual income per share, the present value of the terminal value is calculated using a persistence factor of 1.

Present value of terminal value = 8.54−(0.087×58.25)(1+0.087−1)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}

= 3.47(0.087)(1.087)2\frac{3.47}{ ( 0.087 ) ( 1.087 ) ^2} =33.78

So, the intrinsic value of TTCI is then calculated as follows.

V0=\frac{45.25+3.88/1.087+3.68/(1.087)^2+33.78}=85.71

Pvri3折现不应该除以（1+r)三次方吗？为什么除以二次方
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1 个答案

王园圆_品职助教 · 2022年01月01日

嗨，从没放弃的小努力你好：


同学你好，请注意哦,这里说的是从第三年RI就开始进入永续不变了哦~~

PVRI的公式类似于永续年金公式，PVRI = RI/r折现的时候是折现到第二年的年末，所以最后只需要再向前折现两年就可以了哦~~

你如果是按照李老师上课的公式PVRI（t-1) = RI(t-1)/r来计算的话，是需要从第四年开始计算的

即最后的V0公式是V0 = RI1/(1+r) + RI2/(1+r)^2 + RI3/（1+r)^3 + PVRI3/(1+r)^3(其中PVRI3 = RI3/r)

这样计算出来的结果和答案是一样的哦~~


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努力的时光都是限量版，加油！

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NO.PZ201710200100000408 问题如下 8. Baseon Exhibits 2 an3 anthe multistage RI mol, Castovshoulestimate the intrinsic value of TTto closest to: A.€54.88. B.€83.01. C.€85.71. C is correct.Resiincome per share for the next three years is calculatefollows.Because Castovforecasts thresiincome per share will constant into perpetuity, equto Ye3 resiincome per share, the present value of the terminvalue is calculateusing a persistenfactor of 1.Present value of terminvalue = 8.54−(0.087×58.25)(1+0.087−1)(1+0.087)2\frac{8.54-(0.087\times58.25)}{(1+0.087-1)(1+0.087)^2}(1+0.087−1)(1+0.087)28.54−(0.087×58.25)​= 3.47(0.087)(1.087)2\frac{3.47}{ ( 0.087 ) ( 1.087 ) ^2}(0.087)(1.087)23.47​ =33.78 So, the intrinsic value of TTis then calculatefollows.V0=\frac{45.25+3.88/1.087+3.68/(1.087)^2+33.78}=85.71 如题，谢谢！

2024-08-20 08:56 2 · 回答

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2024-07-12 11:41 1 · 回答

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2024-04-08 23:50 1 · 回答

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2023-06-04 12:45 2 · 回答

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2023-04-14 00:22 2 · 回答