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
$22.80
$18.00
解释:
如何理解讲义里这个NB的公式需要减去Dep?
实际投入固定资本的现金流不就是FCinv吗?
FCinv - dep = Net PPEt - Net PPEt-1,这个是会计记账上的固定资本投资吧