被同学2020-11-21 18:54:26

2020 Mock Exam B - Morning Session 53题 老师好，请帮忙将以下题目考察的知识点再帮我梳理一下。 53 Which of Dwelley’s characteristics of the DDM and NAVPS methods is most likely correct? A Characteristic 3 B Characteristic 2 C Characteristic 1 A is correct. Characteristic 3 is correct because the discount rate (cap rate) used in NAV calculation is based on private valuation of comparable properties. The discount rate used in DDM calculation is based on the discount rate for a public equity investment. B is incorrect. NAV is based on projections of NOI, including expected growth rate for the next 12 months. C is incorrect. DDM is based on dividends, which is the fraction of income paid out to investors, not all earned income. NAV is based on all relevant income, not just income retained by the company.