NO.PZ202303150300000401
问题如下:
McLaughlin’s FCFF ($ millions) for 2012 is closest to:选项:
A.$418.00 B.$485.00 C.$460.00解释:
SolutionB is correct.
FCFF = NI + NCC + Int(1 – Tax rate) – FCInv – WCInv
Net income (given) = $626; Non-cash charges (depreciation, given) = $243; Interest expense (given) = $186; Tax rate = 294/920 = 32%; Fixed capital investment (given) = $535
FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million
A is incorrect. It uses t not (1 – t).
FCFF = 626 + 243 + 186(0.32) – 535 – (–25) = 418.2 = $418 million
C is incorrect. It ignores working capital investment
FCFF = 626 + 243 + 186(1 – 0.32) – 535 = 460.48 = $460 million
图一数据显示不出来