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Rongwei · 2019年11月14日

问一道题：NO.PZ2018103102000049

  1. CFA II
  2. Equity

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

老师讲课的时候是否提到，notes payable是付息的不算在current liability里面，在net borrowing里计算？

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2 个答案

孙静波 · 2019年11月14日

是的，计算WCinv里明确提到，notes payable 属于付息负债。

孙静波 · 2019年11月14日

是的，计算WCinv里明确提到，notes payable 属于付息负债。

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