Extract from a vignette on the official CFA website -
‘Still concerned with the estimate of growth after 2019, Stack asks Armishaw what the present value of growth opportunities (PVGO) will be in 2019 when the perpetual growth period begins.’
‘Present Value in 2019’
When I see a statement such as this one, am I being asked to calculate the value at the beginning of 2019, or at the end of 2019?