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姜娟 · 2022年07月14日

company B的nCC为0 ，为什么不用target debt ratio计算Net borrowing

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170300000106

问题如下：

Based on Exhibits 1 and 2 and the proposed two-stage FCFE model, the intrinsic value of Company B’s equity is closest to:

选项：

A.

$70,602 million.

B.

$73,588 million.

C.

$79,596 million.

解释：

C is correct.

FCFE for the most recent year for Company B is:

The required rate of return on equity for Company B is

r = E(Ri) = RF + βi[E(RM) –  RF] = 3% + 0.90(7%) = 9.3%.

The most recent FCFE grows for the next four years at annual growth rates of 10%, 9%, 8%, and 7%, respectively, and then 6% thereafter:

The present value of FCFE for the first four years is calculated as follows:

PV = + +  +

PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94

The present value of the terminal value is calculated as follows:

PV of TV4 = = 70,601.58

So, the estimated total market value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤  $79,596 million.

nb=(wcinv+fcinv_dep)*DR=(236+1000-288)*0.3=284.4

然而 LT debt+ST debt的变化量是2000

这道题，两种都满足，要用哪一种？

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1 个答案

王园圆_品职助教 · 2022年07月14日

嗨，努力学习的PZer你好：


同学你好，请看以下讲义截图标黄色线的部分——使用Target DR的前提条件是“预测未来的”FCFE时候可以使用——即预测FCFE1时使用

而本题我们是在计算现在真实的FCFE0是多少，就不能使用target的数据来计算，而应该根据真实已有的财报数字来计算



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NO.PZ201809170300000106 Baseon Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate of return on equity for Company B is r = E(Ri) = RF + βi[E(RM) –  RF] = 3% + 0.90(7%) = 9.3%. The most recent FCFE grows for the next four years annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + +  + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤  $79,596 million. terminvalue计算折现为何不用WAC不知道如何区分？

2021-11-29 21:50 1 · 回答

NO.PZ201809170300000106 $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate of return on equity for Company B is r = E(Ri) = RF + βi[E(RM) –  RF] = 3% + 0.90(7%) = 9.3%. The most recent FCFE grows for the next four years annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + +  + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤  $79,596 million. rt不太能理解，这两个公式算出来差别很大，而且文中给了target ratio

2021-04-29 16:16 1 · 回答

Baseon Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate of return on equity for Company B is r = E(Ri) = RF + βi[E(RM) –  RF] = 3% + 0.90(7%) = 9.3%. The most recent FCFE grows for the next four years annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + +  + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤  $79,596 million. 老师，您好，请问解答中计算FCFE为什么没有扣除int×（1-T），而是直接加上NB？

2020-04-08 10:44 1 · 回答

Baseon Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate of return on equity for Company B is r = E(Ri) = RF + βi[E(RM) –  RF] = 3% + 0.90(7%) = 9.3%. The most recent FCFE grows for the next four years annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + +  + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤  $79,596 million. 想问一下做题的时候都是怎么去判读给出来的条件究竟是 RM 还是 ERP, 例如这题 market ris premium 是指 ERP, 还有其他说法吗？能帮忙总结一下吗？

2020-02-23 20:38 1 · 回答