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Kathy苏苏 · 2019年11月29日

问一道题：NO.PZ2018103102000119

  1. CFA II
  2. Equity

问题如下：

Matt is preparing to calculate the intrinsic value of Company M’s equity by using the FCFF model with the constant growth rate of 5% indefinitely. The most recent FCFF is $2,000 million and the company is in the 30% tax bracket. The relevant information is shown in the following table. What `s the value of Company M?

选项：

A.

$ 96,153.85million

B.

$ 100,836.20million

C.

$100,961.54 million

解释：

C is correct.

考点：Valuation Models

解析：先计算WACC = wd × rd × (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)

= 7.08%

$$\(V=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million\)$$

老师,我是用re=7.075%计算的,没有答案。答案是保留两位小数计算的。考试的时候是默认保留两位小数吗？

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1 个答案

maggie_品职助教 · 2019年11月30日

不是的，小数位保留越多越精确，这道题是我们自己出的题，所以保留了两位小数，不要被这个误导了。

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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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NO.PZ2018103102000119 如图

2021-12-10 10:30 1 · 回答

NO.PZ2018103102000119

2021-12-10 10:27 2 · 回答

NO.PZ2018103102000119 $ 100,836.20million $100,961.54 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) = 7.08% V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million V=WACC−gFCFF0​×(1+g)​=7.08%−5%2,000×1.05​=$100,961.54million算WACC时,优先股不需要1—t吗

2021-11-26 21:29 1 · 回答