摇一摇 · 2023年08月18日
NO.PZ2023040301000143
问题如下：
Geo Telecommunications Inc. is a fast growing company with a double-digit growth rate that is expected to continue for three more years. In his pursuit of valuing the company’s stock, Dimiter Nenkov, a free-lance equity analyst, has compiled the following data about the company:
Based on the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications would be closest to:
选项：
A.€9.73
€10.13
€ 17.17
解释：
表格中最后两列的数值是如何算出来的
王园圆_品职助教 · 2023年08月18日
表格中最后一列就是将各个期间的现金流折现到0时刻时候的价值
以FCFE1为例，26/（1+15%） = 22.61
同理，第四列的V3的折现就是625.78/（1+15）^3 = 411.46
表格的倒数第二列是外国人特有的喜欢计算的折现系数，因为他们不喜欢做除法，喜欢做乘法，所以就把每个时间的折现率都计算了一个值
以FCFE1为例，1/（1+15%） = 0.869，这样拿0.869直接乘以前面的26就客户以得到22.61了
同样的，第四列V3对应的就是1/（1+15%）^3=0.6575,把0.6575*625.78就可以得到411.46了
NO.PZ2023040301000143 问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73 B.€10.13 C.€ 17.17 如何去判断r=15%就是折现率呢？
NO.PZ2023040301000143 问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73 B.€10.13 C.€ 17.17 不理解3和4 beyon为什么都是0.6575
NO.PZ2023040301000143问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73B.€10.13C.€ 17.17 折现率不应该用12 wac为什么用15%？
NO.PZ2023040301000143 问题如下 Geo Telecommunications Inis a fast growing company with a uble-git growth rate this expecteto continue for three more years. In his pursuit of valuing the company’s stock, miter Nenkov, a free-lanequity analyst, hcompilethe following ta about the company:Baseon the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications woulclosest to: A.€9.73 B.€10.13 C.€ 17.17 这题考察的是那个知识点，怎么算的
