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CherryHuo · 2020年02月09日

问一道题：NO.PZ2018103102000121

  1. CFA II
  2. Equity

问题如下：

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million. He has forecasted the relevant information in the following table. What`s the FCFF?

选项：

A.

$10.81 million

B.

$11.81 million

C.

$14.75 million

解释：

A is correct.

考点：Computing FCFF from Different Accounting Items

解析：先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

计算FCFF

FCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million

想请问下，这里EBIT的是用EBITDA-Dep-SG&A，为什么再加回折旧的时候不把SG&A一起加回来呢？SG&A也是非现金流支出。谢谢

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1 个答案

maggie_品职助教 · 2020年02月10日

SG&A不是非现金支出，SG&A是Selling, General and Administrative的缩写，翻译过来是销售成本、综合开销及行政管理费用，这些都是当期现金费用。

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