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Consider a company with the following financial information for the financial year ending 2018:
• The consensus analyst earnings per share forecasts for the next two years
(2019 and 2020) are $4.29 and $4.78, respectively.
• In its 2018 annual report, the company reported earnings per share of $3.93, book value per share of $20.15, and dividends per share of $1.06.
• Assume that from 2021 to 2023, the company’s earnings per share is expected to grow at 11% relative to 2020.
• The dividend payout ratio is expected to remain at its 2018 level.
• The cost of equity capital as of 2010 is 10%.
• The residual earnings (RE) will grow at 4% annual rate beyond the terminal year
Calculate the present value of residual earnings for the next 5 years up to the terminal year (2019-2023).
Use up to 2 decimal places

Forecasting implies a “summary” of what we have learned:
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Business Analysis
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Accounting Analysis
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Financial Analysis
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Strategy, accounting and financial performance analyses provide valuable information that help to shape forecast assumptions.
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Forecasts can be produced by relying on historical patterns,assuming that whatever has already taken place will continue to persist…
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Even though this type of forecasting is often described as “driving a car by looking in the back window”, it is often the best we have, and works well when there is enough data and sensible analysis

本次考试计算量并不大，文字题占的比重还不少，时间还是比较紧张的，欢迎同学们提前预定ACCT3013的作业和考试哦！