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Pina · 2019年11月06日

问一道题:NO.PZ2018103102000114 [ CFA II ]

问题如下图:

选项:

A.

B.

C.

解释:

这题不能用FCFE= NI +dep-WC-FC +target debt ratio *(WC +FC -dep)  再用GGM去求value 是不是以为已知道条件给的是growth rate of FCFF 不是growth rate or FCFE?  

如果可以用FCFE求的话 是否target debt ratio *(WC +FC -dep) 去求NB还是用increase in NP 和decrease in long term debt 去求? 貌似两方法求出的NB不同。 谢谢。

Pina · 2019年11月06日

D/A ratio =40% 不是target debt ratio 吗?

maggie_品职助教 · 2019年11月07日

这个不是target debt ratio,如果有target debt ratio题目会明确告知你。

1 个答案

maggie_品职助教 · 2019年11月06日

1、如果需要用target debt ratio来计算,题目会明确告知。这道题从题干到表格都没有给出target debt ratio。

2、题干给的增长率是FCFF的增长率,而且它也明确告诉你M使用的是FCFF这个模型。因此不需要考虑FCFE.

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NO.PZ2018103102000114 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 relevant information is shown in the following table. Wh`s the value of Company M`s equity? A.$5,145 million B.$8,575 million C.$12,862.5 million C is correct.考点Valuation Mols解析M公司的权益回报率为E(Ri) = RF + βi[E(RM) – RF] = 2.4% + 0.8(7%) = 8%.M公司的WACC为WA= WR(1 - T) + We*ReWA= 0.40(5%)(1 – 0.3) + 0.60(8%) = 1.4% + 4.8% = 6.2%FCFF = NI + Int × (1-T) + N– Wcinv - FCinv = 212 + 100 × (1-0.3) + 88 – (50-25) – 100 = $245 millionFirm  Value=FCFF0×(1+g)WACC−g=245×(1+5%)6.2%−5%=$21437.5millionFirm\;Value=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{245\times\left(1+5\%\right)}{6.2\%-5\%}=\$21437.5millionFirmValue=WACC−gFCFF0​×(1+g)​=6.2%−5%245×(1+5%)​=$21437.5millionvalue = 0.4 * 21437.5 = $8575 millionEquity value = 0.6 * 21437.5 = $12862.5 million 我的做法FCFF=NI+int(1-t)+p-WCinv-FCinv=212+100*70%+88-WCinv(50-25)-FCinv(100)=245 FCFE=FCFF-int(1-t)+NB=245-70+NB(60-50)=185re=8%Vo=FCFE(1+g)/re-g=6475

2024-05-24 20:18 1 · 回答

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