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  • Assignment 3 Solution

    Diunggah oleh

    Adam
    31 tayangan6 halaman
    Financial Statement Analysis and Security Valuation Penman 5th Edition

    Judul Asli

    Assignment 3 Solution(1)

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    Financial Statement Analysis and Security Valuation Penman 5th Edition

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai XLSX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    31 tayangan6 halaman

    Assignment 3 Solution

    Diunggah oleh

    Adam
    Financial Statement Analysis and Security Valuation Penman 5th Edition

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai XLSX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 6

    Residual Earnings Valuation

    Forecasted EPS
    Dividend per Share
    Book Value per Share
    Residual Earnings
    ROCE
    Discount Rate
    Present Value
    Sum PV to Year 5
    PV of Continuing Value

    VALUE PER SHARE


    Discount Rate/Rate of Return
    Forecasted EPS Growth Rate
    Residual Earnings Growth Rate

    Year 0

    Year 1

    Year 2

    Year 3

    4.00

    4.20
    0.84
    23.36
    2.600
    21.00%

    4.41
    0.88
    26.89
    2.541
    18.88%

    4.63
    0.93
    30.59
    2.479
    17.22%

    0.926

    0.857

    0.794

    2.407

    2.179

    1.968

    20.00

    9.93
    27.15

    $57.08
    8.00%
    5.00%
    2.00%

    Year 4

    Year 5

    Continuing Value

    4.86
    0.97
    34.48
    2.415
    15.89%

    5.11
    1.02
    38.57
    2.347
    14.81%

    0.735

    0.681

    0.681

    1.775

    1.597

    27.150

    $78.46

    Forecasted per-share
    Value/Targeted Price

    39.892

    Residual Earnings Valuation


    Forecasted EPS
    Dividend per Share
    Book Value per Share
    Residual Earnings
    ROCE
    Discount Rate
    Present Value
    Sum PV to Year 5
    PV of Continuing Value

    VALUE PER SHARE


    Discount Rate/Rate of Return
    Forecasted EPS Growth Rate
    Residual Earnings Growth Rate

    Year 0

    Year 1

    Year 2

    Year 3

    4.00

    4.20
    0.84
    23.36
    2.600
    21.00%

    4.41
    0.88
    26.89
    2.541
    18.88%

    4.63
    0.93
    30.59
    2.479
    17.22%

    0.926

    0.857

    0.794

    2.407

    2.179

    1.968

    20.00

    9.93
    19.96

    $49.89
    8.00%
    5.00%
    0.00%

    Year 4

    Year 5

    Continuing Value

    4.86
    0.97
    34.48
    2.415
    15.89%

    5.11
    1.02
    38.57
    2.347
    14.81%

    0.735

    0.681

    0.681

    1.775

    1.597

    19.963

    $67.90

    Forecasted per-share
    Value/Targeted Price

    29.332

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