谢同学2023-02-07 14:41:42
官网CASE Rosse Case Study的Q3 Which of Rosse’s three valuation factors would most likely be used in a nonmarket-based valuation approach?A.Factor 1B.Factor 2C.Factor 3,为什么答案选A而不是B? 怎么理解 nonmarket-based valuation approach? A is correct. Capitalization rates are used as an input to calculate net operating income when calculating net worth, or net asset value, which is not a market-based approach. B is incorrect. Factor 2 describes inputs to a relative value (or market-based) approach to valuing REIT stocks. C is incorrect. Factor 3 describes inputs to a relative value (or market-based) approach to valuing REIT stocks.
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Jeff2023-02-07 15:23:10
同学你好,题目中问哪个factor是用于并非以市场为基础的方法,factor 1是资本化率,用来对NOI折现的,NOI/cap rate得到的是房地产的内在价值,这不是基于市场的方法,而是基于内在/理论价值的方法,所以本题应该选factore1。market based approach指基于市场的方法,比如现金流随市场情况的变动factor 2和利用倍数估值factor 3。
谢谢
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基础课上老师讲的NOI为租金减去经营费用,如果是net lease,则NOI=租金,因此NOI是现金流的概念。同样类似权益的股利折现模型估值,难道也不算是基于市场的方法。还是不太能理解这个概念?
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这里判断的标准是在分母上,
cap rate 是资本化率
而discount rate,是我们这个投资者要求的最低收益率,这个是由市场决定,而且里面的growth rate 也是基于市场做出的预测哦
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