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JerryZT · 2023年02月19日

FCFF

NO.PZ2018103102000119

问题如下:

Matt is preparing to calculate the intrinsic value of Company M’s equity by using the FCFF model with the constant growth rate of 5% indefinitely. The most recent FCFF is $2,000 million and the company is in the 30% tax bracket. The relevant information is shown in the following table. What `s the value of Company M?

选项:

A.

$ 96,153.85million

B.

$ 107,836.20million

C.

$$101,204.82 million

解释:

C is correct.

考点:Valuation Models

解析:先计算WACC = wd × rd × (1–T) + (wp × rp) + (we × re)

= (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)

= 7.075%

V=FCFF0×(1+g)WACCg=2,000×1.057.075%5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million

你好,


计算求得V0(EV)=101,204.82后,为什么不是Value=EV-mkt value of debt=101,204.82-15,000

1 个答案
已采纳答案

王园圆_品职助教 · 2023年02月19日

嗨,努力学习的PZer你好:


同学你好,首先由于本题有preferred stock,所以如果要求equity value,公式应该是 equity value = EV - Debt market value - Preferred stock value(而不是你上面的公式,因为我们一般是求的普通股股东价值,所以需要把优先股股东也去除)

第二,本题确实表述不清,容易让人理解为要求equity value,但是按照上面的公式,如果求的是equity value,那就等于81204.82,那三个选项中是没有答案的

所以,最后我们只能推断题目考察的是EV而非equity value,只能选C


CFA有些题目是会出现表达的和我们的理解有差异的情况,但是如果我们的理解和出题人的考察点不一致的话,是不会选的出答案的,所以我们此时再调整思路即可。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0​×(1+g)​=7.075%−5%2,000×1.05​=$101,204.82million WA= w× r× (1–T) + (wp × rp) + (we × re),这个公式没见过,不敢用。那是不是,equity value=firm value--优先股 value?

2023-01-29 08:52 1 · 回答

NO.PZ2018103102000119 如图

2021-12-10 10:30 1 · 回答

NO.PZ2018103102000119

2021-12-10 10:27 2 · 回答

NO.PZ2018103102000119 $ 100,836.20million $100,961.54 million C is correct. 考点Valuation Mols 解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1) = 7.08% V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million V=WACC−gFCFF0​×(1+g)​=7.08%−5%2,000×1.05​=$100,961.54million算WACC时,优先股不需要1—t吗

2021-11-26 21:29 1 · 回答