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过儿 · 2024年11月12日

我突然想到一个问题

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

ebit(1-t)+dep或者ni+ncc+int(1-t)是不是就是把这两个数字还原到ebitda就可以了？谢谢老师

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1 个答案

王园圆_品职助教 · 2024年11月12日

同学你好，ebit(1-t)+dep——就是EBIT*（1-t) 税后的经营利润，再加上折旧摊销

但是EBITDA是利息，税费前，折旧摊销前的经营利润

一个税前一个税后，你看两者是不一致的哦

ni+ncc+int(1-t)也是一样的道理，它加回的是税后的利息，但EBITDA不考虑利息的税盾作用是整体加回利息费用的，两者不一样哦

FCFF = EBITDA*（1-t) +Dep*tax -WCInv -FCInv


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