NO.PZ2023032701000048
问题如下：
Nicosia makes the following three statements:
1. The free cash flow valuation approach is superior to the discounted dividend valuation approach because the company’s dividends have been substantially different from its FCFE.
2. Because the company’s capital structure seems unstable, the FCFE valuation approach is superior to the FCFF valuation approach.
3. If there is a change in control at McLaughlin, the discounted dividend valuation approach would be superior to a free cash flow valuation approach.
Which of Nicosia’s three statements pertaining to McLaughlin’s valuation is the most accurate? Statement:
选项：
A.2
B.3
C.1
解释：
Nicosia’s first statement is correct. Analysts should use a FCFE valuation whenever dividends differ significantly from the company’s capacity to pay dividends or when a change of control is anticipated. A FCFF valuation is preferred over a FCFE valuation whenever the capital structure is unstable or ever-changing. So, Nicosia’s first statement is correct, and her second and third statements are incorrect.
Statement 2 is incorrect. Analysts should use a free cash flow to equity valuation whenever dividends differ significantly from the company’s capacity to pay dividends. FCFF valuation is preferred over FCFE valuation whenever the capital structure is unstable or ever-changing.
Statement 3 is incorrect. With control comes discretion over the uses of free cash flow, as does the capacity to change dividend levels. As such, a free cash flow valuation approach is likely to be superior to a discounted dividend valuation approach.
老师，您好！
从答案解释来看，似乎估值方法中，FCFF优于FCFE, FCFE优于DDM， 是这样吗？为什么？谢谢！
