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小范范 · 2020年02月26日

问一道题:NO.PZ201809170300000104 第4小题 [ CFA II ]

* 问题详情,请 查看题干

问题如下图:

选项:

A.

B.

C.

解释:

老师,这一问是啥意思哇?我连题都没读懂…

1 个答案
已采纳答案

maggie_品职助教 · 2020年02月26日

嗨,从没放弃的小努力你好:


这道题就是说如果用NI来代替FCFE计算股票的内在价值和用FCFE计算股票的内在价值,两个结果谁大谁小。因此只要算下NI和FCFE谁大谁小就行了。NI题目有不需要计算,那么只要计算FCFE就可以进行比较了。


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努力的时光都是限量版,加油!


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NO.PZ201809170300000104 Baseon Exhibit 1, using net income a proxy for Company B’s FCFE woulresult in intrinsic value this: lower ththe intrinsic value if actuFCFE were use equto the intrinsic value if actuFCFE were use higher ththe intrinsic value if actuFCFE were use A is correct. FCFE is significantly higher thnet income for Company Net income = $1,212 million. FCFE for Company B is calculateas: Investment in working capitis calculateaing the increase in accounts receivable, the increase in inventories, the increase in accounts payable, anthe increase in other current liabilities: - –$150 million - – $200 million + $100 million + $14 million =- – $236 million. Net borrowing is calculateaing the increase in notes payable to the crease in long-term bt: $3,000 million – $1,000 million = $2,000 million. Therefore, using net income of $1,212 million a proxy for FCFE ($2,264 million) for Company B woulresult in a mulower valuation estimate thif actuFCFE were use 老师,这里Investment in working capital算出来结果是-236,带公式里-WC这一项直接带成了-236而不是-(-236),现金流量表算出来-236表示投资了236,是这样理解的么?

2021-10-16 11:40 1 · 回答

NO.PZ201809170300000104 equto the intrinsic value if actuFCFE were use higher ththe intrinsic value if actuFCFE were use A is correct. FCFE is significantly higher thnet income for Company Net income = $1,212 million. FCFE for Company B is calculateas: Investment in working capitis calculateaing the increase in accounts receivable, the increase in inventories, the increase in accounts payable, anthe increase in other current liabilities: - –$150 million - – $200 million + $100 million + $14 million =- – $236 million. Net borrowing is calculateaing the increase in notes payable to the crease in long-term bt: $3,000 million – $1,000 million = $2,000 million. Therefore, using net income of $1,212 million a proxy for FCFE ($2,264 million) for Company B woulresult in a mulower valuation estimate thif actuFCFE were use Other current liability为什么可以算进Working capital里面

2021-05-14 11:00 1 · 回答