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Pina · 2020年01月16日

问一道题：NO.PZ201809170300000205

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

Based on Exhibit 4, Bern’s firm value under Scenario 1 is closest to:

选项：

A.

€ 100,951.3 million.

B.

€105,349.1 .

C.

€105,399.1

解释：

C is correct. Based on Scenario 1, where Bern receives regulatory approval for its new drugs, the growth rate in FCFF for Bern will be constant at 4.5%. Therefore, a constant growth valuation model can be used to calculate firm value.

Bern’s weighted average cost of capital is calculated as

WACC = [wd × rd(1 – Tax rate)] + (wp × rp) + (we × re).

The total market value of the firm is the sum of the debt, preferred stock, and common stock market values: 15,400 + 4,000 + 18,100 = 37,500.

WACC = [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%.

Value of operating assets = FCFF0(1 + g)/(WACC – g).

Value of operating assets = 3,226 million(1 + 0.045)/(0.0770 – 0.045) = €105,349.06 million.

Total value of the company = Value of operating assets + Value of non-operating assets.

Total value of the company = 105,349.06 million + 50 million = € 105,399.06 million.

老师好 为什么这里FCFF 折现出来的是Asset value 而不是Firm Value? 这考点在讲义里哪里可以做参考。 谢谢。

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Pina · 2020年01月16日

原来的理解是 FCFF折现出的Vfirm =Vasset =V operating asset + V non operating asset 所以以为算出的Vfirm 已经包括了non operating asset of 50

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maggie_品职助教 · 2020年01月16日

嗨，从没放弃的小努力你好：


公司的价值就是通过经营公司的资产而获得的哈。我看你报的是全线班，建议看下讲义201页以及相关视频讲解：


-------------------------------
加油吧，让我们一起遇见更好的自己！


Pina · 2020年01月16日

原来的理解是 FCFF折现出的Vfirm =Vasset =V operating asset + V non operating asset 所以以为算出的Vfirm 已经包括了non operating asset of 50. 但这里算出的 不包括50 是否是因为 题里有另外提出non operating= 50 所以我们算出的就是 Voperating only?

maggie_品职助教 · 2020年01月16日

不对哦，不知你听视频了吗，一般来说，公司持有的非经营性的资产很少（因为公司司持有资产的目的都是替公司盈利的），因此通常题目没有特别说明我们折现得到的Vfirm =V operating asset。除非想这道题题干提别说明该公司还持有50M的NOA，那么Vfirm =V operating asset + V non operating asset 。

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相关问题

NO.PZ201809170300000205 问题如下 Based on Exhibit 4, Bern’s firm value unr Scenario 1 is closest to: € 100,951.3 million. B.€105,349.1 . C.€105,399.1 C is correct. Baseon Scenario 1, where Bern receives regulatory approvfor its new ugs, the growth rate in FCFF for Bern will constant 4.5%. Therefore, a constant growth valuation mol cuseto calculate firm value.Bern’s weighteaverage cost of capitis calculateasWA= [w× r1 – Trate)] + (wp × rp) + (we × re).The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500.WA= [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%.Value of operating assets = FCFF0(1 + g)/(WA – g).Value of operating assets = 3,226 million(1 + 0.045)/(0.0770 – 0.045) = €105,349.06 million.Totvalue of the company = Value of operating assets + Value of non-operating assets.Totvalue of the company = 105,349.06 million + 50 million = € 105,399.06 million. 这道题的50为什么是加在FCFF折现之后呢，而不是直接加在FCFF后面，然后和FCFF一起折现呢？即firm value=（FCFF0+50）/（WACC-g）另外，表格中FCFF不是“most recent year”，是0时刻吗？而lancurrent market value中“current” 也不是0时刻吗？那两个时间点不是都是0时刻吗？如果是的话，为什么不能直接相加呢？

2023-03-08 12:04 1 · 回答

老师，最后为什么要加50呢？通过FCFF求出来的value不就应该是 firm value么？

2020-02-26 05:09 1 · 回答

怎么看出50不是非经营的呢？

2020-02-24 15:38 1 · 回答

Baseon Exhibit 4, Bern’s firm value unr Scenario 1 is closest to: € 100,951.3 million. €105,349.1 .  €105,399.1  C is correct. Baseon Scenario 1, where Bern receives regulatory approvfor its new ugs, the growth rate in FCFF for Bern will constant 4.5%. Therefore, a constant growth valuation mol cuseto calculate firm value. Bern’s weighteaverage cost of capitis calculateWA= [w× r1 –  Trate)] + (wp × rp) + (we × re). The totmarket value of the firm is the sum of the bt, preferrestock, ancommon stomarket values: 15,400 + 4,000 + 18,100 = 37,500. WA= [(15,400/37,500)(0.060)(1 –  0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11) = 7.70%. Value of operating assets = FCFF0(1 + g)/(WA–  g). Value of operating assets = 3,226 million(1 + 0.045)/(0.0770 –  0.045) = €105,349.06  million. Totvalue of the company = Value of operating assets + Value of non-operating assets. Totvalue of the company = 105,349.06  million + 50 million = € 105,399.06 million.   这题目的wacc求出来不约分的出的值跟答案里约两位小数的差距有点大。

2019-11-17 21:49 3 · 回答