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xiaohuolu · 2020年02月05日

问一道题:NO.PZ2018103102000111

问题如下:

Matt is preparing to evaluate Company M `s intrinsic value. If he uses net income as a proxy for Company M’s FCFE, the intrinsic value would be:

选项:

A.

higher

B.

the same

C.

lower

解释:

A is correct.

考点:Proxy for FCF

解析:从NI出发计算FCFE:FCFE = NI + NCC – WCInv – FCInv + Net Borrowing

WCInv = Increase in inventories – increase in accounts payable = 50-25 = $25 million

NB = Increase in notes payable - decrease in long-term debt = 60-50 = $10 million

FCFE = 212 + 88 – 25 – 100 +10 = $185 million

所以用NI代替FCFE估值,内在价值会更高。

purchase of fixed assets应该算到fixed capital investment里吧?

1 个答案
已采纳答案

maggie_品职助教 · 2020年02月08日

你的理解没问题,这道题也是这么做的,请看下面我截图红框中的100就是FCINV: