tailieunhanh - Financial Accounting Theory By Scott_5

Tham khảo tài liệu 'financial accounting theory by scott_5', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 200 Chapter 6 Similar calculations give 003 917-5 0 004 1 141-4 OX2005 1 OX2006 1 0 2007 2 0 2008 2 The present value of these abnormal earnings that is g oodwill at January 31 2001 discounted at Bombardier s cost of capital is _ 1 1 1 2 2 73 4 92001 7 Finally we add in January 31 2001 book value . bv2001 PA2001 - 3 7 10 Jtstandlng13 as at . e of March 2001 Bombardier had 1 million common shares o January 31 2001 giving an estimated value per share of Bombardier s actual share price around the midd which we take as the date that the market became aware of the contents of the financial statements14 was approximately 20 over twice the amount of our estimate While one could adjust estimates of the ris dividend payout ratio and cost of capital reasonable changes to these estimates would not affect the calculation significantly. Our estimate of abnormal earnings is more problematic. In effect we have ignored abnormal earnings beyond seven years. If the number of years this would increase the estimated example. For example an assumption that ROE of 30 vịvìll continue for 10 and 12 years raises estimated share value to and respectively. However it is not clear that this should be done. Note that earnings at the rate of cost of capital . ROE E Rp have zero effect effect we have assumed that Bombardier earns .30 ROE f .09 thereafter. As mentioned above competitive pressure nate abnormal earnings over time. Nevertheless it appears that the market s expectation of Bombardier s future earning power is substantially higher than we can justify. In this regard It should be noted that on October 31 2001 Bombardier shares traded as low as closlnc still somewhat higher than our estimate of howevel. k-free interest rate we were to extend share value in our on PA2001. Thus in or seven years and s operate to elimi- at .

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