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Caroleee · 2020年02月16日

问一道题：NO.PZ2018103102000057

  1. CFA II
  2. Equity

问题如下：

Jacques is conducting an analysis of TMT, a publicly traded European petrochemical engineering company. Jacques intends to use a price-to-cash flow multiple in valuing the shares and the cash flow measure in the multiple would account for both working capital and non-cash revenues, and also be after interest expense and thus not be mismatched with share price. Therefore, the most appropriate cash flow measure for TMT is?

选项：

A.

EBITDA.

B.

earnings plus non-cash charges.

C.

FCFE.

解释：

C is correct.

考点：Computing FCFE From Different Accounting Items.

解析：C是正确的。股东自由现金流(FCFE)是指扣除所有运营费用、利息和债务支付以及营运和固定资本投资后股东可自由支配的现金流。根据Jacque对现金流要求，FCFE满足这一要求。

这里的Non-cash revenue考察的是哪个考点？

FCFE作为自由现金流为什么有考虑到Non-cash revenue？ 我只能理解FCFE又考虑到Non-cash charges(比如WC和FC)...

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1 个答案

maggie_品职助教 · 2020年02月18日

1、因为非现金的部分要加回或减掉，他其实就是NCC中的一部分，虽然NCC叫non cash charges但其实也包含非现金的收益（gains）,遇到非现金收益我们就减掉。这个可以参考讲义149页对于NCC处理的汇总表。


2、 我只能理解FCFE又考虑到Non-cash charges(比如WC和FC)...，这半句不对啊， WC和FC可不是NCC。WCINV和FCINV都是真金包银需要投入的资金。

Caroleee · 2020年02月18日

懂了，感谢！

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