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Kathy苏苏 · 2019年12月02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，这道题数据信息量很大，可以从EBIT、NI、EBITDA等多个角度出发带公式计算，想问下考试时想提高效率，如何选择公式。我自己想到的一点是，如果NCC除了折旧还有其他很多项，就尽量不选择从NI出发的公式。不知道还有没有其他选择公式的原则。

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1 个答案

maggie_品职助教 · 2019年12月02日

我理解哪种公式都可以（只要题目数据支持，没有更高效的建议），答案往往只是选择了一种公式进行计算。从EBIT出发和从NI出发得到的结果是一致的，你可以计算试试。


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