2. Given that the forecast terminal price of Mannistore’s shares at the end of year 5 (time= 5) is $68.40, estimate the value of a share of Mannistore using the RI model and calculate residual income based on: (cost of equity = 10%)
Institute, CFA2015 CFA Level II Volume 4 Equity. Wiley Global Finance, 2014-07-14. VitalBook file.
我们知道 Residual income (t)= Net income(t) - book value (t-1)* cost of equity
RI 模型的一个前提是 Clean surplus relation :Bt = Bt–1 + Et − Dt
income (OCI)会对 RI 产生影响
下图一是net income without adjustment 时RI 的计算,图二是net income plus other comprehensive income.时RI 的计算
我的问题是,为什么图二中year 2 的RI 是NI - OCI 啊? 即 RI(2) = NI(2)-OCI(2)-book value (1)* cost of equity=2.48-1-10.32*10%=0.45!!!!!
求大神指点啊!!