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mark · 2019年12月08日

问一道题：NO.PZ2018101501000041

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the IRR for the project?

选项：

A.

9.10%

B.

15.38%

C.

18.43%

解释：

C is correct.

考点：Risk Analysis

解析：项目每年的现金流如下：CF0 = -$40 million

CF1 = CF2 = CF3 = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million

CF4 = After-tax operating CF+ TNOCF = $26.125 million

求得IRR = 18.43%

请问一下CF4 = After-tax operating CF+ TNOCF = $26.125 million这个是怎么计算出来的？非常感谢！！！

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maggie_品职助教 · 2019年12月08日

After-tax operating CF=12.375这个没问题吧，解析里面已经详细列出来了。

TNOCF=NWCinv+salT-t(salT-BT)=10+5(1-25%)=13.75

CF4=12.375+13.75=26.125




Addison · 2020年02月27日

salT-t(salT-BT)=5(1-25%) 这个地方没看明白 t时刻 sale是5，book value是30的话，不应该是5-25%（5-30）吗？

maggie_品职助教 · 2020年02月28日

题目已知固定资产4年折旧到零，所以BT=0, salT-t(salT-BT)=salT-t(salT-0)=salT(1-T)

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NO.PZ2018101501000041问题如下Company M, a pharmaceuticcorporation, is investing $30 million in fixecapitan$10 million in working capitfor a four-yeexpansion project. The fixecapitwill preciatestraight-line to zero over four years anit will generate annurevenues anannucash operating expenses of $22 million an$8 million, respectively. The fixeassets are expecteto solfor $5 million anthe working capitinvestment will recoverethe enof the project. The trate is 25%. What’s the IRR for the project?9.10% 15.38% 18.43% C is correct.考点Risk Analysis解析项目每年的现金流如下CF0 = -$40 millionCF1 = CF2 = CF3 = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 millionCF4 = After-toperating CF+ TNO= $26.125 million求得IRR = 18.43%totnet cash flow=10+5-（5-0）✖️25%+OCF，哪里不对吗？

2022-05-24 23:25 1 · 回答

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2022-04-11 20:32 1 · 回答

NO.PZ2018101501000041 15.38% 18.43% C is correct. 考点Risk Analysis 解析项目每年的现金流如下CF0 = -$40 million CF1 = CF2 = CF3 = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 million CF4 = After-toperating CF+ TNO= $26.125 million 求得IRR = 18.43% CF4=26.125 怎么算出来的可以详细列一下吗

2022-01-25 17:52 1 · 回答

NO.PZ2018101501000041 working capitinvestment will recoverethe enof the proje如果是non recovere还用在terminvalue+WC？

2022-01-16 13:51 1 · 回答

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