问题如下：
Based on Exhibits 1 and 2 and the proposed two-stage FCFE model, the intrinsic value of Company B’s equity is closest to:
选项：
$73,588 million.
C.$79,596 million.
解释：
C is correct.
FCFE for the most recent year for Company B is:
The required rate of return on equity for Company B is
r = E(Ri) = RF + βi[E(RM) RF] = 3% + 0.90(7%) = 9.3%.
The most recent FCFE grows for the next four years at annual growth rates of 10%, 9%, 8%, and 7%, respectively, and then 6% thereafter:
The present value of FCFE for the first four years is calculated as follows:
PV = 
+ 
+ 
+ 
PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94
The present value of the terminal value is calculated as follows:
PV of
TV4 = 
= 70,601.58
So, the estimated total market value of the equity is 8,993.94 + 70,601.58 = 79,595.52 $79,596 million.
老师好 这题不是说当NCC 只有DEP 的时候 可以用NB = target debt ratio *(WC +FIN - DEP)?是不是这里的WC, FIN 不是流量的概念 是B/S 上的时机数（忘记这个专有名词了，就是在B/S上的表示当时时点的数字like a snapshot） 所以这里不能用NB= 0.3*（-236-1000-288） 因为2算出的NB 不等于2000. 谢谢。
