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兔小兔 · 2019年04月22日

问一道题：NO.PZ2018103102000119

  1. CFA II
  2. Equity

问题如下图：

    

选项：

A.

B.

C.

解释：


为什么最后的判断vequity 不是乘以相对应的占比0.5来计算，而是用了减法。

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1 个答案

maggie_品职助教 · 2019年04月24日

价值的占比并不等于市值的占比，因为债券和优先股的市值更接近它们的价值（打个比方，100元的债券价值就是100），所以减掉就是权益的价值。

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NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0​×(1+g)​=7.075%−5%2,000×1.05​=$101,204.82million 你好，计算求得V0(EV)=101,204.82后，为什么不是Value=EV-mkt value of bt=101,204.82-15,000

2023-02-19 02:17 1 · 回答

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2023-01-29 08:52 1 · 回答

NO.PZ2018103102000119 如图

2021-12-10 10:30 1 · 回答

NO.PZ2018103102000119

2021-12-10 10:27 2 · 回答

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2021-11-26 21:29 1 · 回答