CFA 셀프강의 - 초과 이익 모형

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CFA Level 2 커리큘럼 정리 (Equity: Excess Earnings Method)


Equity - Ibbotson-Chen Earnings Model

• Working Capital Balance: 10,000,000
• Fair Value of Fixed Assets: 45,000,000
• Normalized Income: 35,000,000
• Required Return on working capital: 8%
• Required Return on fixed assets: 12%
• Required Return on Intangible Assets: 20%
• WACC: 14.5%
• Future Growth Rate: 6%

• Q. The value of intangibles using the excess earnings method:
○ Residual Income = Net Income - Equity Charge
○ Working Capital Charge = 10,000,000 x 0.08 = 800,000.0
○ Fixed Assets Charge = 45,000,000 x 0.12 = 5,400,000
○ RI = 35,000,000 - 800,000 - 5,400,000 = 28,800,000
○ Constant Growth Model = CF/(r-g)
○ Value = (28,800,000 x 1.06)/(0.20 - 0.06) = 2.1806E8

Category:

Education

Tags:

• CFA
• equity
• excess
• earnings
• method
• private
• company