问一道题：NO.PZ2018101501000105

NO.PZ2018101501000105 $30.73 $32.08 C is correct. 考点scounteCash Flow Analysis 解析 TV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionTV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionTV3​=r−gFCF3​∗(1+g)​=10%−5%18∗(1+5%)​=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12​+(1+10%)215​+(1+10%)318+378​=$320.83million 故PV per share为$32.08 after Ye3 anthe requirerate of return is 10%year1 year2 requurereturn题目没说啊

Matt, analyst with company M, hevaluatethe effeof the acquisition anestimatethe free cash flows after merger of 12, 15, 18 million respectively the enof the first three years. The constant growth rate of the free cash flow is 5% after Ye3 anthe requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $29.50 $30.73 $32.08 C is correct. 考点scounteCash Flow Analysis 解析 PV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionPV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionPV3​=r−gFCF3​∗(1+g)​=10%−5%18∗(1+5%)​=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12​+(1+10%)215​+(1+10%)318+378​=$320.83million 故PV per share为$32.08 请问答案的第一个公式PV3=FCF3…处， 是不是应该为TV3？

老师，突然想不起来了，想问一下用计算机算的时候，为什么CF0要设置为0 ？