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❤Oliva · 2024年03月20日

请问可以用NI的公式吗?

* 问题详情,请 查看题干

NO.PZ202303150300000303

问题如下:

Using the data in Exhibits 1 and 2 and the tax rate suggested by Jatin, CRN’s FCFE per share for 20X3 is closest to:

选项:

A.$0.85. B.$0.82. C.$0.92.

解释:

Solution

C is correct. FCFF = EBITDA(1 – Tax rate) + Depreciation(Tax rate) – FCInv – WCInv

FCFE = FCFF – Interest(1 – Tax rate) + Net borrowing

a Jatin’s tax rate = 35%, which is different from the original tax rate.

b Net increase in Net Working Capital (20X3) is less by $1.80, so it is a positive number.

A is incorrect. It uses the wrong sign for net increase in working capital.

B is incorrect. It uses the incorrect value for net borrowing because it ignores the change in notes payable.

Free Cash Flow Valuation

LOS d

请问可以用NI的公式吗?

NI的公式算不来的结果不一样诶

1 个答案
已采纳答案

王园圆_品职助教 · 2024年03月20日

同学你好,本题不可以直接用NI计算FCFF

因为题目要求用Justin建议的35%的税率来计算FCFE,但是表一中的income tax56.5所对应的原始税率并不是35%(56.5/176.5=32%),那直接用表一的历史NI计算就肯定会出错——这里必须用税前的利润EBITDA来作为基础,再用新的税率35%带入计算才可以得到正确答案