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小鱼 · 2023年09月18日

为什么现金及等价物不计入公司价值呢?

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NO.PZ201612170200000406

问题如下:

6. Based on Exhibit 4, Gesticular’s EV/EBITDA multiple is closest to:

选项:

A.

11.4.

B.

13.7.

C.

14.6.

解释:

B is correct. The EV for Gesticular is calculated as follows:

EV = Market value of debt + Market value of common equity + Market value of preferred equity Cash and short-term investments

EV = R$1,733 million + R$6,766 million + R$275 million  R$581 million  R$495 million = R$7,698 million

EV/EBITDA = R$7,698 million/R$560 million = 13.7

为什么现金及等价物不计入公司价值呢?

1 个答案

王园圆_品职助教 · 2023年09月18日

同学你好,EV是一级的概念,在EV的定义中,就是需要把现金及等价物剔除的

老师在上课的时候讲过一个例子,譬如你花10000买了一个LV的包包,但是包里有1000的现金。那实际你购买这个包包花的钱就是10000-1000=9000

应用到EV这个概念上也是同理哦

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相关问题

NO.PZ201612170200000406 问题如下 6. Baseon Exhibit 4, Gesticular’s EV/EBIT multiple is closest to: A.11.4. B.13.7. C.14.6. B is correct. The EV for Gesticulis calculatefollows: EV = Market value of + Market value of common equity + Market value of preferreequity – Cash anshort-term investments EV = R$1,733 million + R$6,766 million + R$275 million – R$581 million – R$495 million = R$7,698 millionEV/EBIT = R$7,698 million/R$560 million = 13.7 如果equity中有capital(还是别的哪个单词不太记得了),在计算EV时需要加上吗?

2024-08-09 20:04 1 · 回答

13.7. 14.6. B is correct. The EV for Gesticulis calculatefollows: EV = Market value of + Market value of common equity + Market value of preferreequity – Cash anshort-term investments EV = R$1,733 million + R$6,766 million + R$275 million – R$581 million – R$495 million = R$7,698 million EV/EBIT = R$7,698 million/R$560 million = 13.7EV的职不包括cash,cash等价物,以及短期投资我可以理解,但是本题的EV我计算等于MVcommon+MVpreferreMVbt,关于现金和短期投资我不加上不就是EV了嘛?为什么要减去?是包含在了上述三部分里面了嘛?

2020-06-01 20:51 1 · 回答

    讲义里是cash和investment,那如果是long term investment,要不要扣除?

2019-01-24 11:03 1 · 回答

讲义上计算EV的公式最后一步是减去cash aninvestment,此处的答案解析给出的公式的最后一步是减去cash anshort-term investment,是不是说计算EV时long-term investment不考虑?如果给出的资产负债表上有 Liability和RetaineEarning,也都不考虑,是吗?    

2018-01-28 09:09 3 · 回答