问题如下图:
选项:
A.
B.
C.
解释:
老师,我看讲义上EV的公式中是加上MV of Debt,那不就应该加上全部Debt,不区分长短期么?为什么current liabilities就不加呢?谢谢
maggie_品职助教 · 2020年02月26日
嗨,爱思考的PZer你好:
EV是从市值的角度来衡量企业价值,因此负债只要市场价值的部分都统计在内,不区分长短期。
-------------------------------就算太阳没有迎着我们而来,我们正在朝着它而去,加油!
小范范 · 2020年02月27日
对呀都统计在内不就应该加上的么?
maggie_品职助教 · 2020年02月27日
EV=Market value of common stock + market value of preferred equity + market value of debt (公司对外债务的市值)– cash and short term investment 这里需要区分的是debt和liability这两个概念,公司对外的债务debt分为长期和长期中需要短期偿还两部分,题目里只给了current liability并没有做具体划分(current liability 包括各种应付科目都不是公司的debt),因此这道题在计算EV时只考虑了长期debt部分。
NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.既然是从资产负债表右边来算EV,右边的数字就应该全算进去才符合逻辑,难道留存收益就不算公司价值吗?
NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.从逻辑上分析,站在资产负债表右边来计算整个公司的fair value ,就应该包含无息负债,这样才完整。否则用一个不完整的右边再减去cash,得出来的数字就不对了。
NO.PZ201612170200000304 问题如下 4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to: A.0.67. B.0.74. C.0.77. C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77. rt
NO.PZ201612170200000304 问题如下 4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to: A.0.67. B.0.74. C.0.77. C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77. 老师请问计算EV时怎么判断需不需要减去cash ancash equivalents呢?我记得在讲private company valuation时里面asset baseapproach是不需要减的,但是这里又需要。
NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.表格中的common shares 826,preferreshares80是什么意思,是股数的意思吗,不是总价值的意思吧,那下面的41.94和16又是什么