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Yvonne0719 · 2024年10月06日

如何去判断r=15%就是折现率呢？

  1. CFA I
  2. Equity

NO.PZ2023040301000143

问题如下：

Geo Telecommunications Inc. is a fast growing company with a double-digit growth rate that is expected to continue for three more years. In his pursuit of valuing the company’s stock, Dimiter Nenkov, a free-lance equity analyst, has compiled the following data about the company:

Based on the above information, Nenkov’s best estimate of the value per share for Geo Telecommunications would be closest to:

选项：

A.

€9.73

B.

€10.13

C.

€ 17.17

解释：

如何去判断r=15%就是折现率呢？

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王园圆_品职助教 · 2024年10月06日

同学你好，首先，题目表格最开始给的就是FCFE的条件，所以肯定是对FCFE（也就是股东自由现金流）进行折现，那肯定用的只能是Re也就是股东要求回报率而不能用WACC也就是公司整体的加权平均资本成本来对FCFE进行折现

题目一共给了两个折现率，第一个12%名字一看就是WACC的缩写，所以肯定不能用（注意，WACC是对FCFF折现用的）

而第二个cost of equity也就是股权资本成本的意思，和股东要求回报率是完全一致的含义，所以肯定只能选15%这个作为Re哦


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