标题: PVGO, E or E1/r [打印本页] 作者: therecruit 时间: 2011-7-13 16:14 标题: PVGO, E or E1/r
Do we use current or next year earnings to calc pvgo?作者: economicz 时间: 2011-7-13 16:14
next years.作者: benbenxiong 时间: 2011-7-13 16:14
PVGO = P0 - E1/r
E1 being next year's作者: ningning1984 时间: 2011-7-13 16:14
PVGO assumes no growth earnings. E0 and E1 will be the same作者: liquidity 时间: 2011-7-13 16:14
i disagree.作者: maryli 时间: 2011-7-13 16:14
by this I mean i agree with the Moose all the way作者: eoin 时间: 2011-7-13 16:14
if you are paying all earnings in dividends, you are not 'growing' and therefore can determine how much you could theoretically increase your share value by retaining some earnings for future growth...as long as ROE>r then retaining earnings should increase share value due to a positive PVGO
disagree with me all you want.... your choice ;)作者: ryanlb 时间: 2011-7-13 16:14
PVGO splits value of firm into two components, the growth opportunites and the value of its assets in place. E/r is the assets in place and E is the no growth earings level(E/r = PV of a perpetual cash flow).作者: thecfawannabe 时间: 2011-7-13 16:14
From what I understand, if it says what is the PVGO on Dec. 31, 2010, then you can use E0 because you have not retained your earnings yet. You are at the point where you make that decision. However, if you are on January 1, 2011, you have to use E1 because the earnings from 2010 have already been reinvested.
In most cases, you will use E1 (check the top of page 190 in the CFAI equity text).作者: KungFuPanda 时间: 2011-7-13 16:14
This concept is minimally important anyway. I'll put 50$ on "calculate the PVGO for this firm" to not be a question.作者: needhelp1700 时间: 2011-7-13 16:14
