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台风来了 · 2024年04月03日

关于FCFE的计算公式

  1. CFA II
  2. Equity

NO.PZ2023032701000040

问题如下：

Yee makes the following critical assumptions

• 2013 earnings per share (EPS) will be $1.80.

• EPS will grow forever at 6% annually.

• Cost of equity=12.0%

• For 2013 and beyond:

• Net capital expenditures (fixed capital expenditures minus depreciation) will be 30% of EPS.

• Investments in working capital will be 10% of EPS.

• Of future investments, 60% will be financed with equity and 40% will be financed with debt.

Using Yee’s assumptions and the FCFE valuation approach, the year-end 2012 value per share of McLaughlin’s common stock is closest to:

选项：

A.

$24.17

B.

$22.80

C.

$18.00

解释：

老师，您好！

答案解析中的计算公式


是不是缺少了INT*(1-T) 这一项？即FCFF中要扣除掉利息费用。麻烦老师解释一下，谢谢！

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台风来了 · 2024年04月03日

图片中的公式右边应该再减去INT*(1-T) 这一项吧？麻烦解释一下，谢谢！

1 个答案

王园圆_品职助教 · 2024年04月03日

同学你好,请看以下讲义截图，以NI为起点计算FCFE的时候，本来就不用考虑interest的加回，本题这个公式是以NI为起点，通过DR ratio替代了NB的部分得到的，肯定也不用考虑interest呢


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