问一道题：NO.PZ2018101501000106

问题如下：

Matt, an analyst with company M, has evaluated the effect of the acquisition and estimated the free cash flow to equity after merger of 12, 15, 18 million respectively at the end of the first three years. After three years, Company M`s terminal value would be worth 20 times its free cash flow to equity at the end of the third year. The required rate of return is 10%. Company M has 10 million shares of outstanding stock. What`s the present value per share of Company M?

选项：

$28.27

$30.73

$33.44

解释：

B is correct.

考点：Discounted Cash Flow Analysis

解析：PV3 = 20*18 = $360 million

$PV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+360}{{(1+10\%)}^3}=\$307.30million$

故PV per share为$30.73

您好 “ Company M`s terminal value would be worth 20 times its free cash flow to equity”，请帮忙翻译下这句好么，多谢。

添加评论

1 个答案

Debrah_品职答疑助手 · 2020年03月14日

同学你好。这句话的意思是公司在第三年末的终值等于其在第三年末的FCFE的20倍，也就是18*20=360。

添加评论

1
回答
0
关注
454
浏览

我要回答关注问题

相关问题

NO.PZ2018101501000106 如题。哎。。

2021-06-09 08:37 1 · 回答

前三年每年产生的FCFE都折现，体现在公司的现值中了，但这部分FCFE并未分配给股东，还是在公司账上，应该会体现在第三年末公司价值中，把TV折现到现值，其中包含的前三年FCFE部分是不是重复计算了。

2020-05-10 11:43 1 · 回答

Matt, analyst with company M, hevaluatethe effeof the acquisition anestimatethe free cash flows after merger of 12, 15, 18 million respectively the enof the first three years. After three years, Company M`s terminvalue woulworth 20 times its free cash flow the enof the thiryear. The requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $28.27 $30.73 $33.44 B is correct. 考点scounteCash Flow Analysis 解析PV3 = 20*18 = $360 million $$$PV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+360}{{(1+10\%)}^3}=\$307.30million$$$ 故PV per share为$30.73 请问哪里能看出来这个FCF是指Equity的？因为题目中根本没有WACC和bt？

2020-03-01 21:28 1 · 回答

三年之后的terminvalue不是第四年吗？

2019-02-11 21:59 1 · 回答

问一道题：NO.PZ2018101501000106

1 个答案

1

0

454

相关问题