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xiaodi · 2023年07月28日

这个题干好像有点歧义

  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

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million。

which has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

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dejiazheng · 2024年05月27日

我也是这么理解的，把100当做了明年的sales

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已采纳答案

王园圆_品职助教 · 2023年07月28日

同学你好，根据时态“ which has an annual sale of $100 million.“是指现在而非未来，所以不可能是指未来的sales是100，而只能指现在的sales是100

另外，即便理解成你说的这种情况，你也不可能找到答案哦，一旦发现找不到答案，自然就会需要重新理解题目意思了

这种理解出现偏差对中国考生来说是很正常的，但是CFA一定不会在这种地方设置考点，所以同学不用担心，理解和出题人意思不一致的时候，重新调整一下理解的方向，就还是可以做对题目的

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