问题如下:
Anna is evaluating Company M which is going out of business in four years. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. The relevant distribution information is shown in the following cash flow statement. What is the value of equity at time zero?
选项:
A.113,696.29
B.85,988.53
C.76,714.45
解释:
C is correct.
考点:Other Valuation Models
解析:题目要我们求归属于股东的价值,只需将分配给股东的现金流( NI+Depreciation-principal repayment 即表格中Dividends)折现得到权益价值即可。
老李在讲课的时候讲NI一部分做DIV一部分做RE,为啥还要再把Dep加回去啊?而且为啥要把债券的偿还本金的部分也加回去?债权的分配不是应该优先于给股东的分配吗?