NO.PZ201811130100000102
问题如下：
The multiple of expected proceeds at exit to invested funds for JRR’s Stoneham LBO investment is closest to:
选项：
A.2.77x.
B.2.89x.
C.2.98x.
解释：
B is correct.
The investment exit value is $15 million. The expected payoff to JRR is calculated as (all amounts in millions):
Expected exit value: $15.00
Debt remaining at exit: ($6.0 – 2.8) = 3.20
Preference shares: [$3.60 × (1.15)^6] = 8.33
Common equity: ($15 exit – 3.2 debt – 8.33 preference) = 3.47
Initial investment: $3.6 (preference) + 0.9 × $0.4 (common) = $3.96
Proceeds at exit: $8.33 (preference) + 0.9 × $3.47 (common) = $11.45
Multiple of expected proceeds to invested funds: $11.45 exit value/$3.96 initial investment = 2.89x
考点：PE退出倍数计算
解析：初始投资额=投资时优先股价值+90%*投资是普通股价值=$3.6 + 90%*$0.4=$3.96
退出时金额=退出时优先股价值+90%*退出时普通股价值=$8.33 + 90%*$3.47=$11.45
退出倍数=退出时金额/初始投资额=$11.45/$3.96=2.89x, B选项正确
其中：
退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$3.6^(1+15%)^6=$8.33
退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$8.33-($6.0-$2.8)=$3.47
一开始投资10m,其中有6m debt. 请问6m到底是谁的呀？ 如果是被lbo公司自己的，那为什么一开始是投资10m? 如果是发起lbo那一边的，后来debt减少了2.8m， 也就是赚了2.8m， 这2.8m为什么不计入6年后的收益中呢？
