开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

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

添加评论
1 个答案
已采纳答案

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

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 0

    关注

  • 357

    浏览
相关问题

NO.PZ2018103102000121问题如下 Matt is evaluating the FCFF of Company M for the next year, whihannusale of $100 million. He hforecastethe relevant information in the following table. What`s the FCFF? $10.81 million $11.81 million $14.75 million A is correct.考点Computing FCFF from fferent Accounting Items解析先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + p – Wcinv – Fcinv计算FCFFFCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million 做题的时候没有一个清晰的公式概念，不知道EBIT怎么求。。能不能帮忙列出来从Revenue到EBIT到EBIT经常会用到的公式，感谢！

2024-08-16 21:03 3 · 回答

NO.PZ2018103102000121 问题如下 Matt is evaluating the FCFF of Company M for the next year, whihannusale of $100 million. He hforecastethe relevant information in the following table. What`s the FCFF? $10.81 million $11.81 million $14.75 million A is correct.考点Computing FCFF from fferent Accounting Items解析先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + p – Wcinv – Fcinv计算FCFFFCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million 这道题为什么在求EBIT的时候要用毛利-preciation-SG A？A不是资产负债表的科目么？和求净利润有什么关系？

2024-08-01 19:20 1 · 回答

NO.PZ2018103102000121问题如下 Matt is evaluating the FCFF of Company M for the next year, whihannusale of $100 million. He hforecastethe relevant information in the following table. What`s the FCFF? $10.81 million $11.81 million $14.75 million A is correct.考点Computing FCFF from fferent Accounting Items解析先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + p – Wcinv – Fcinv计算FCFFFCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 millionebit怎么算出来的

2024-01-18 18:32 1 · 回答

NO.PZ2018103102000121 问题如下 Matt is evaluating the FCFF of Company M for the next year, whihannusale of $100 million. He hforecastethe relevant information in the following table. What`s the FCFF? $10.81 million $11.81 million $14.75 million A is correct.考点Computing FCFF from fferent Accounting Items解析先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + p – Wcinv – Fcinv计算FCFFFCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million Matt is evaluating the FCFF of Company M for the next year, whihannusale of $100 million。whihas修饰了FCFF of Company M for the next year，100可能就是next year的值。incremental可以按100-100/（1+5%）算

2023-07-28 10:45 1 · 回答

NO.PZ2018103102000121 问题如下 Matt is evaluating the FCFF of Company M for the next year, whihannusale of $100 million. He hforecastethe relevant information in the following table. What`s the FCFF? $10.81 million $11.81 million $14.75 million A is correct.考点Computing FCFF from fferent Accounting Items解析先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + p – Wcinv – Fcinv计算FCFFFCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million 如题，答案中毛利-SG A-折旧得出EBIT，折旧不是减重复了？

2023-04-04 23:51 1 · 回答