标题: Reading 45: Residual Income Valuation-LOS h 习题精选 [打印本页]
作者: 土豆妮 时间: 2011-3-21 13:25 标题: [2011]Session 12-Reading 45: Residual Income Valuation-LOS h 习题精选
Session 12: Equity Investments: Valuation Models
Reading 45: Residual Income Valuation
LOS h: Explain continuing residual income and justify an estimate of continuing residual income at the forecast horizon given company and industry prospects
Continuing residual income is defined as the:
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A) |
permanent as opposed to the transitory part of residual income. | |
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B) |
residual income that is expected beyond the initial forecast time horizon. | |
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C) |
residual income that forces the net present value to zero. | |
Continuing residual income is defined as the residual income that is expected beyond the initial forecast time horizon. It comes into play when RI is forecast for a defined time horizon and a terminal value based on continuing RI is estimated at the end of that time frame.
作者: 土豆妮 时间: 2011-3-21 13:25
A common assumption regarding continuing residual income (RI) is that RI:
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A) |
falls to the average industry level. | |
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B) |
manifests a generally increasing trend indefinitely. | |
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C) |
declines to zero as return on equity (ROE) drops to the cost of equity over time. | |
It is common to assume that RI declines to zero as ROE drops to the cost of equity over time. Other assumptions analysts may make include RI continues indefinitely at a positive level or RI reflects a decline in ROE to a long-run average level.
作者: 土豆妮 时间: 2011-3-21 13:25
The present value of Raver Industries’ projected residual income (RI) for the next five years is ￡60 per share. Beyond that time horizon, a key analyst projects that the firm will sustain a RI of ￡11 per share, which is the RI for year 5. Given a cost of equity of 12%, what is the terminal value of the stock as of year 5?
The stock’s terminal value as of year 5 is:
TV = 11.00 / 0.12 = 91.67
作者: 土豆妮 时间: 2011-3-21 13:25
The present value of GB Industries’ projected residual income (RI) for the next five years is 70 per share. Beyond that time horizon, a key analyst projects that the firm will sustain a RI of 15 per share, which is the RI for year 5. Given a cost of equity of 12%, what is the terminal value of the stock as of year 5?
The stock’s terminal value as of year 5 is:
TV = 15.00/0.12 = 125.00
作者: 土豆妮 时间: 2011-3-21 13:26
The present value of Forman Electronics’ projected residual income (RI) for the next five years is ￡80 per share. Beyond that time horizon a key analyst projects that the firm will sustain a RI of ￡17 per share, which is the RI for year 5. Given a cost of equity of 13%, what is the terminal value of the stock as of year 5?
The stock’s terminal value as of year 5 is:
TV = 17.00 / 0.13 = 130.77
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