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YAO Monica · 2024年05月12日

用DR计算FCFF时,假设NCC只包含dep吗?

NO.PZ2023032701000042

问题如下:

To value the three companies’ shares, one team member proposes forecasting FCFE using a sales-based methodology based on the following equation:

FCFE = NI – (1 – DR)(FCInv – Dep) – (1 – DR)(WCInv)

Exhibit 1. Statements of Cash Flow, Most Recent Fiscal Year End (Amounts in Millions of Dollars)

Based on Exhibit 1, using the proposed sales-based methodology to forecast FCFE would produce an inaccurate FCFE projection for which company?

选项:

A.

Company A

B.

Company B

C.

Company C

解释:

In addition to significant non-cash charges other than depreciation in the most recent year, the annual report indicates that Company A expects to recognize additional non-cash charges related to restructuring over the next few years. The given equation for forecasting assumes that the only non-cash charge is depreciation. When the company being analyzed has significant non-cash charges other than depreciation expense, this sales-based methodology will result in a less accurate estimate of FCFE than one obtained by forecasting all the individual components of FCFE.

用DR计算FCFF时,假设NCC只包含dep吗?这是有相关的结论吗

1 个答案
已采纳答案

王园圆_品职助教 · 2024年05月12日

同学你好,用target debt ratio 求的只是Net borrowing 的预测金额,和NCC到底包含了什么内容,其实是两个互不相关的内容

题目这里是自己给的提示“FCFE = NI – (1 – DR)(FCInv – Dep) – (1 – DR)(WCInv)”用这个公式计算FCFE,也就是在这道题里面,NCC确实是只包含折旧的,否则这个公式就没法这么写了,但这不是普适的结论

请看以下讲义截图,讲义中的下面FCFE的那个黄色公式,也写了,是假设NCC只包含折旧才能得出的

如果题目没有给出这个假设或隐含这个假设,那这个公式就不能成立,我们就只能简单的用(WCInv + FCInv - Dep)*DR来预测NB,而不能得出题目这里的这个完整的FCFE公式