liusame2021-08-15 00:53:55

老师您好，第8题题干里里面说“Starting in Year 4, Castovan forecasts TTCI's ROE to revert to the constant long-term ROE of 12% annually. The terminal value is based on an assumption that residual income per share will be constant from Year 3 into perpetuity.”那么我改如何判断terminal value改用什么方法呢？因为前半句是说ROE在第4年后会到达一个恒定值，那么照这样说应该用PV=P-B来算。但是后半句又说RI会恒定，那么就要用PV=RI/r来算。这个该如何判断呢？