问题如下图：
选项：
A. 
B. 
C. 
解释：
按照Hmodel算行不行？
NO.PZ201809170300000106 问题如下 Based on Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate 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 annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + + + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤ $79,596 million. nb=(wcinv+fcinv_p)*=(236+1000-288)*0.3=284.4然而 LT bt+ST bt的变化量是2000这道题，两种都满足，要用哪一种？
NO.PZ201809170300000106 Baseon Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate 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 annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + + + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤ $79,596 million. terminvalue计算折现为何不用WAC不知道如何区分？
NO.PZ201809170300000106 $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate 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 annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + + + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤ $79,596 million. rt不太能理解，这两个公式算出来差别很大，而且文中给了target ratio
Baseon Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate 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 annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + + + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤ $79,596 million. 老师，您好，请问解答中计算FCFE为什么没有扣除int×（1-T），而是直接加上NB？
Baseon Exhibits 1 an2 anthe proposetwo-stage FCFE mol, the intrinsic value of Company B’s equity is closest to: $70,602 million. $73,588 million. $79,596 million. C is correct. FCFE for the most recent yefor Company B is: The requirerate 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 annugrowth rates of 10%, 9%, 8%, an7%, respectively, anthen 6% thereafter: The present value of FCFE for the first four years is calculatefollows: PV = + + + PV = 2,278.50 + 2,272.25 + 2,245.22 + 2.197.97 = 8,993.94 The present value of the terminvalue is calculatefollows: PV of TV4 = = 70,601.58 So, the estimatetotmarket value of the equity is 8,993.94 + 70,601.58 = 79,595.52 ₤ $79,596 million. 想问一下做题的时候都是怎么去判读给出来的条件究竟是 RM 还是 ERP, 例如这题 market ris premium 是指 ERP, 还有其他说法吗？能帮忙总结一下吗？
