NO.PZ2023032701000039
问题如下:
Cuyahoga River Navigators, Inc. (CRN), based in Cleveland, Ohio, has a fleet of 30 watercraft consisting of riverboats, yachts, barges, and ships navigating the Cuyahoga River and Lake Erie. Amit Jatin, a senior equity analyst at Cleveland Investment Research, asks Alahtab to evaluate CRN and prepare a research report for updating the firm’s recommendation about the stock. He gives Alahtab CRN’s financial data, which are shown in Exhibits 1.
Exhibit 1 Income Statement Excerpts& Selected Balance Sheet Data, Years Ending 31 December ($millions)
Using the data in Exhibits 1, CRN’s FCFE per share for 2013 is closest to:
选项:
A.$0.85
$0.82
$0.92
解释:
FCFF = EBITDA(1 – Tax rate) + Depreciation(Tax rate) – FCInv – WCInv
FCFE = FCFF – Interest(1 – Tax rate) + Net borrowing
在有些题目,note payable是属于current liability的科目,在计算FCFF时,已经在WC中计算了,因而在计算FCFE里面,不需要计算note payable。
但这道题又把note payable计算进net borrowing里面
有没有重复计算的问题??