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. | 
发表于 2008-5-21 10:16
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