答案和详解如下：
1.Expert Systems has a beginning book value per share of $7.00, an expected growth rate of 15 percent, this year's forecasted earnings per share of $1.25, and a required rate of return of 17 percent. Assuming that the dividend remains constant at $0.75 per share, what is next year’s expected residual income per share?
A) $1.44.
B) $0.16.
C) $0.13.
D) $5.75.
The correct answer was B)
EPS next year = 1.25 × 1.15 = $1.44. Forecast book value per share = BV0 + EPS – D = 7.00 + 1.25 – 0.75 = $7.5. The per share equity charge is 7.5 × 0.17 = $1.28. Thus, residual income is expected to be 1.44 – 1.28 = $0.16.
2.Diamond Corp. (DC) has a beginning book value per share of $5.00, an expected growth rate of 15 percent, forecasted earnings per share of $1.20, and a required rate of return of 17 percent. Assuming that the dividend remains constant at $0.55 per share, what is next year’s expected residual income per share?
A) $1.38.
B) $0.42.
C) $0.50.
D) $5.83.
The correct answer was B)
EPS next year = 1.20 × 1.15 = $1.38. Forecast book value per share = BV0 + EPS – D = 5.00 + 1.20 – 0.55 = $5.65. The per share equity charge is 5.65 × 0.17 = $0.961. Thus, residual income is expected to be 1.38 – 0.961 = $0.42.
3.Craig Griffith, CFA, is valuing Specialty Steels, Inc. The following information is available:
Current market price per share | $18.00 |
Book value per share (FY 2002) BV0 | $12.00 |
Consensus EPS estimates: | |
FY 2002 | $ 2.00 |
FY 2003 | $ 2.15 |
Dividends per share | |
FY 2002 | $ 1.00 |
FY 2003 | $ 1.00 |
FY 2002 NOPAT per share | $ 2.50 |
Specialty Steel’s (equity) Beta | 1.10 |
Expected market rate of return | 12.0% |
Specialty Steel’s after-tax cost of debt | 8.0 |
Risk-free rate | 6.0% |
Specialty Steel’s Debt to Total Assets | 50% |
What is Specialty Steel’s weighted average cost of capital (WACC)?
A) 12.60%.
B) 13.60%.
C) 11.07%.
D) 10.30%.
The correct answer was D)
Ke = rf + b (rm – rf)
= 6 + 1.10(12-6)
= 12.60%
WACC = Wdr*d + WeKe
= 0.50 (8) + 0.50 (12.60)
= 10.30%
4.If the total capital per share is same as the book value, what is Specialty Steel’s economic value added (EVA®) per share for FY 2002?
A) $1.264.
B) $3.736.
C) $0.646.
D) $2.27.
The correct answer was A)
EVA per share = NOPAT per share – C% × TC (per share)
= 2.50 – (0.1030) × (12.00)
= 2.50 – 1.236
= $1.264
5.What is Specialty Steel’s forecasted residual income for FY 2002 and 2003?
A) 2002, $0.51; 2003, $0.49.
B) 2002, $0.49; 2003, $0.51.
C) 2002, $0..98; 2003, $1.10.
D) 2002, $1.01; 2003, $1.13.
The correct answer was B)
| FY 2002 | FY 2003 |
Beg. Book Value (BV0) | 12.00 | 13.00 |
EPS (E) | 2.00 | 2.15 |
DPS (D) | 1.00 | 1.00 |
Forecast Book Value (BV0 + E –D) | 13.00 | 14.15 |
Equity Charge per share (BV0 × r) | 1.51 | 1.64 |
RI per share(E – Equity Charge) | 0.49 | 0.51 |
6.Using FY 2002 data, what is the market’s expectation of the growth in residual income?
A) 16.7%.
B) 8.2%.
C) 20.8%.
D) 4.4%.
The correct answer was D)
g = r - {[b0x(ROE - r)] / (V0 - B0)}
ROE = 2.00/12.00 = 0.167
g = 0.126 - {[12x(0.167 - 0.126] / (18 - 12)}
= .126 -0.082
= 4.4%
7．Expert Systems (ES) has a beginning book value per share of $6.00, an expected growth rate of 15 percent, forecasted earnings per share of $1.50, and a required rate of return of 17 percent. Assuming that the dividend remains constant at $0.75 per share, what is next year’s expected residual income per share?
A) $0.58.
B) $1.73.
C) $0.50.
D) $7.73.
The correct answer was A)
EPS next year = 1.50 × 1.15 = $1.73. Forecast book value per share = BV0 + EPS – D = 6.00 + 1.50 – 0.75 = $6.75. The per share equity charge is 6.75 × 0.17 = $1.15. Thus, residual income is expected to be 1.73 – 1.15 = $0.58.
1.Expert Systems has a beginning book value per share of $7.00, an expected growth rate of 15 percent, this year's forecasted earnings per share of $1.25, and a required rate of return of 17 percent. Assuming that the dividend remains constant at $0.75 per share, what is next year’s expected residual income per share?
A) $1.44.
B) $0.16.
C) $0.13.
D) $5.75.
2.Diamond Corp. (DC) has a beginning book value per share of $5.00, an expected growth rate of 15 percent, forecasted earnings per share of $1.20, and a required rate of return of 17 percent. Assuming that the dividend remains constant at $0.55 per share, what is next year’s expected residual income per share?
A) $1.38.
B) $0.42.
C) $0.50.
D) $5.83.
3.Craig Griffith, CFA, is valuing Specialty Steels, Inc. The following information is available:
Current market price per share | $18.00 |
Book value per share (FY 2002) BV0 | $12.00 |
Consensus EPS estimates: | |
FY 2002 | $ 2.00 |
FY 2003 | $ 2.15 |
Dividends per share | |
FY 2002 | $ 1.00 |
FY 2003 | $ 1.00 |
FY 2002 NOPAT per share | $ 2.50 |
Specialty Steel’s (equity) Beta | 1.10 |
Expected market rate of return | 12.0% |
Specialty Steel’s after-tax cost of debt | 8.0 |
Risk-free rate | 6.0% |
Specialty Steel’s Debt to Total Assets | 50% |
What is Specialty Steel’s weighted average cost of capital (WACC)?
A) 12.60%.
B) 13.60%.
C) 11.07%.
D) 10.30%.
4.If the total capital per share is same as the book value, what is Specialty Steel’s economic value added (EVA®) per share for FY 2002?
A) $1.264.
B) $3.736.
C) $0.646.
D) $2.27.
5.What is Specialty Steel’s forecasted residual income for FY 2002 and 2003?
A) 2002, $0.51; 2003, $0.49.
B) 2002, $0.49; 2003, $0.51.
C) 2002, $0..98; 2003, $1.10.
D) 2002, $1.01; 2003, $1.13.
6.Using FY 2002 data, what is the market’s expectation of the growth in residual income?
A) 16.7%.
B) 8.2%.
C) 20.8%.
D) 4.4%.
7．Expert Systems (ES) has a beginning book value per share of $6.00, an expected growth rate of 15 percent, forecasted earnings per share of $1.50, and a required rate of return of 17 percent. Assuming that the dividend remains constant at $0.75 per share, what is next year’s expected residual income per share?
A) $0.58.
B) $1.73.
C) $0.50.
D) $7.73.
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