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Emma0627 · 2024年08月18日

C选项

NO.PZ2023032701000030

问题如下:

Turning to the private equity fund, Eckhart informs Barton that the fund is considering buying a controlling interest in a closely held company, H-Tron (HTR), which pays infrequent dividends that are well below the free cash flow from equity. HTR has healthy cash flows with significant growth potential and holds patents on a key innovation in electronics technology. Eckhart believes the value of these patents is not fully reflected in HTR’s balance sheet. He asks her how HTR’s common equity should be valued given these circumstances. Barton states that she will assess which valuation method will be the most suitable.

Based on the information Eckhart provides to Barton about HTR, the most suit­able method for her to use in determining the fair value of its common equity is to discount future:

选项:

A.

forecasted future dividends

B.

free cash flow to equity

C.

residual income

解释:

Free cash flow to equity (FCFE) is appropriate for investors who want to take a control perspective and for companies that are not currently paying regular dividends.

为什么不能选C选项呢?

1 个答案

王园圆_品职助教 · 2024年08月18日

同学你好,本题的C选项,residual income model ,在非上市公司这一章里,就等同于EEM 模型,是可以用来对非上市公司的无形资产(也就是本题说的B/S表价值体现不完全的专利)进行估值的——但是本题要求的是对非上市公司整体进行估值,那C选项就是多余选项了