NO.PZ2023032701000038
问题如下：
Ryan Leigh is preparing a presentation that analyzes the valuation of the common stock of two companies under consideration as additions to his firm’s recommended list, Emerald Corporation and Holt Corporation. Leigh has prepared preliminary valuations of both companies using a FCFE model and is also preparing a value estimate for Emerald using a dividend discount model. Holt’s 2007 and 2008 financial statements, contained in Exhibits 1 and 2, are prepared in accordance with US GAAP.
Exhibit 1.Holt Corporation Consolidated Balance Sheets (US$ Millions)
Exhibit 2.Holt Corporation Consolidated Income Statement for the Year Ended 31 December 2008 (US$ Millions)
Holt’s FCFE (in millions) for 2008 is closest to:
选项：
A.
$175
B.
$250
C.
$364
解释：
FCFE = NI + NCC – FCInv – WCInv + Net borrowing. In this case:
NI = $485 million
NCC = Depreciation expense = $270 million
FCInv = Net purchase of fixed assets = Increase in gross fixed assets= 4,275 -3,752 = $523 million
WCInv = Increase in accounts receivable + Increase in Inventory-Increase in accounts payable –Increase in accrued liabilities
= ( 770-711 ) + ( 846-780 ) - ( 476-443 ) - ( 149-114 )
= $57 million
Net borrowing = Increase in notes payable + Increase in long-term debt
= ( 465-450 ) + ( 1,575-1,515 ) = $75 million
FCFE = 485 + 270 - 523 - 57 + 75 = $250 million
An alternative calculation is
FCFE = FCFF –Int(1 – Tax rate) + Net borrowing
FCFE = 307.6 – 195(1 – 0.32) + (15 +60) = $250 million
accrued tax and expense不计算在NCC中吗
