问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ2018101501000106 如题。哎。。
前三年每年产生的FCFE都折现，体现在公司的现值中了，但这部分FCFE并未分配给股东，还是在公司账上，应该会体现在第三年末公司价值中，把TV折现到现值，其中包含的前三年FCFE部分是不是重复计算了。
您好 “ Company M`s terminvalue woulworth 20 times its free cash flow to equity”，请帮忙翻译下这句好么，多谢。
Matt, analyst with company M, hevaluatethe effeof the acquisition anestimatethe free cash flows after merger of 12, 15, 18 million respectively the enof the first three years. After three years, Company M`s terminvalue woulworth 20 times its free cash flow the enof the thiryear. The requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $28.27 $30.73 $33.44 B is correct. 考点scounteCash Flow Analysis 解析PV3 = 20*18 = $360 million $$\(PV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+360}{{(1+10\%)}^3}=\$307.30million\)$$ 故PV per share为$30.73 请问哪里能看出来这个FCF是指Equity的？因为题目中根本没有WACC和bt？
