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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WACC=7.075%计算的，没有答案。正确答案是保留两位小数算出的。考试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

这个在上一道题回复了，在二级考试中我们通常建议计算器设置小数位保留6位以上，这道题是我们自己出的，为了解析能更清晰、更好的展现，所以只保留了2位。谢谢理解。

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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

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 WA= w× r× (1–T) + (wp × rp) + (we × re)，这个公式没见过，不敢用。那是不是，equity value=firm value--优先股 value?

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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