NO.PZ2023032701000120
问题如下:
Nano Beta, an Italian
biotech firm, develops nanoparticles to enhance cancer treatments and counter
drug resistance. They await preliminary EMA approval in a year and final
approval in two years. A VC analyst is evaluating its value using a decision
tree based on EMA approval predictions:
If the company's product isn't approved, its value is zero. Using a 15%
WACC and constant growth in a discounted cash flow model, the analyst considers
two scenarios.
•
Broad
applicability: Nano Beta is able to apply this new therapy to several pervasive
forms of cancer. Annual FCFF is expected to be EUR 200 million with perpetual
constant growth (g) of 5%.
•
Limited
applicability: Due to the therapy’s limited efficacy, Nano Beta is only able to
apply its therapy on a limited basis to a few rare cancer types. Annual FCFF is
expected to be EUR 50 million with 2% constant growth.
•
Assuming
that FCFF grows at a constant rate in perpetuity under each scenario
The firm value today (t=0) is closest to:
选项:
A.
EUR 392 million
B.
EUR 798 million
C.
EUR 603 million
解释:
怎么看出来200和50又要分别乘以g?已知说expected to be 200 就以为是站在t=2时间点 往后expect 那么理应不乘以g 这块考试时如何快速识别