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𝒜𝒩𝒥𝒜 安雅🎃 · 2022年12月05日

解析是从EBIT角度出发计算FCFF，那么能用EBIDTA角度出发来计算吗？

  1. CFA II
  2. Equity

NO.PZ2018103102000121

问题如下：

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million. He has forecasted the relevant information in the following table. What`s the FCFF?

选项：

A.

$10.81 million

B.

$11.81 million

C.

$14.75 million

解释：

A is correct.

考点：Computing FCFF from Different Accounting Items

解析：先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

计算FCFF

FCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million

这题我是从EBITDA角度下手，算完之后发现没答案，于是改从EBIT角度下手。

我想问一下，如果不考虑选项是啥，单纯从解题角度来说，能从EBITDA角度计算吗？用FCFF = (EBITDA - Depreciation)x(1-t) + Depreciation - WCinv - FCinv

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王园圆_品职助教 · 2022年12月05日

嗨，努力学习的PZer你好：


同学你好，请看以下解题过程，用EBITDA也是可以求到答案的——要注意EBITDA并不等于毛利润，还需要把毛利润再减去S&A才能得到

EBITDA = 100*1.05*30%-100*1.05*15% = 15.75

Depreciation= 100*1.05*2.5%= 2.625

WCInv = 100*5%*5% =0.25

FCInv = 100*5%*15% = 0.75

FCFF = (EBITDA - Depreciation)x(1-t) + Depreciation - WCinv - FCinv = (15.75 - 2.625)*(1-30%) + 2.625 - 0.75 - 0.25 = 10.8125

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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