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ZF Everyday · 2023年03月04日

为什么优先股要用复利计算？

  1. CFA II
  2. Alternative

NO.PZ2018111302000053

问题如下：

An buyout PE fund plans to invest in Company B’s all preference shares and 70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in debt, $2.8 million in preference shares and $0.7 million in common equity. The expected exit value in five years is $15 million, with an estimated reduction in debt of $2.5 million and 15% annual return on preference shares. The multiple of expected proceeds at exit to invested funds is closest to:

选项：

A.

2.73x.

B.

2.85x.

C.

2.96x.

解释：

B is correct.

考点：PE退出倍数计算

解析：初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29

退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39

退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, 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=$2.8^(1+15%)^5=$5.63

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-$5.63-($6.5-$2.5)=$5.37

如题

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已采纳答案

Lucky_品职助教 · 2023年03月09日

嗨，努力学习的PZer你好：


优先股大部分时候是每年支付，但累积优先股就可以不是每年支付股息。累积优先股是指公司在某一时期所获盈利不足， 导致当年可分配利润不足以支付优先股股息时，则将应付股息累积到次年或以后某一年盈利时， 在普通股的股息发放之前， 连同本年优先股股息一并发放。

本题是想看整个投资的收益，所以把机会成本算进去了，假设优先股股息每年都再投了

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Lucky_品职助教 · 2023年03月08日

嗨，从没放弃的小努力你好：


优先股类似债券，每年15%的利息加上本金，下一年依然是15%的利息，因此要用复利。

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加油吧，让我们一起遇见更好的自己！

ZF Everyday · 2023年03月09日

优先股的股利不是每年直接分配给优先股的股东了吗？这部分股利没有直接在反投吧？他就说仅仅是考虑他的机会成本所以需要考虑复利

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