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489441016 · 2019年11月17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

这道题为什么不能从EBIT的角度出发去计算呢？如果从EBIT角度出发去计算的话，只需要考虑NCC中的DEP，不用去考虑NCC中的那个税。但是如果这么去做的话，答案就不对了：1600*（1-30%）+400-80-750=690。是我哪里做错了么，求老师解答

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1 个答案

maggie_品职助教 · 2019年11月17日

1、这道题NCC只有折旧，所以你用哪个公式计算都是一样的。这道题并不涉及DTA/DTL。

2、你列的FCFF的计算有问题啊，中间的减80是什么？正确的入下：FCFF=EBIT ×(1-T)+Dep*-WCinv-FCinv=1600*（1-30%）+400-50-750=720


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