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慧慧 · 2020年03月05日

问一道题:NO.PZ201612170200000201 第1小题 [ CFA II ]

* 问题详情,请 查看题干

问题如下:

1. Based on Company A’s characteristics, which of the following absolute valuation models is most appropriate for valuing that company?

选项:

A.

Asset based

B.

Dividend discount

C.

Free cash flow to the firm

解释:

C is correct. The free cash flow to the firm model is the most appropriate of the choices because it can be used whether the company has significant marketable assets or consistently pays a cash dividend. Much of Company A’s assets are intangible and although the company has a history of paying a dividend, it has been only occasionally and in the form of a special dividend (i.e., not a consistent cash dividend).

A公司有cash分行为什么不选B?

1 个答案

maggie_品职助教 · 2020年03月06日

嗨,努力学习的PZer你好:


那不是普通的现金股利,而是特殊的现金股利(特殊股利就是视公司经营情况和现金流状况而定,不定期也不可预期.),且不是一直有“occasionally”,而是偶尔会发,说明公司股利与其盈利并不一致。

请看下解析最后一句话。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!