Solution to Exercise Set 1 - Columbia Business School
Current price = 31.25 x 0.64 = $20.00. Price-to-book ratio = 4.99. Prepare the pro forma and calculate residual earnings by charging prior book value at 9%: 2003 2004 2005 Eps 0.640 0.740 Dps 0.0 0.0 Bps 4.005 4.645 5.385 Residual earnings 0.2796 0.3220 Reverse engineer the residual earnings model: ................
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