问题如下:
The Senior VP of RN fund asks Jacques to evaluate intangibles value for TMT. Jacques notes that TMT’s intangibles consisting of mainly patents and other intangible assets.Therefore Jacques projects the following data for next year. Using the excess earnings method, the value of the intangibles is closest to:
选项:
A.$458.61M
B.$654.12M
C.$245.31M
解释:
A is correct.
考点:Excess earnings method
解析:A正确的。营运资本回报= 0.06×22000000 = 1320000美元
固定资产回报= 0.09×57000000 = 5130000美元
无形资产回报= 8900万美元-132万美元-513万美元= 8255万美元
使用EEM的无形资产价值=82,550,000美元/(0.25 - 0.07)=458.61百万美元。
为什么在最后一步计算无形资产价值的时候要用25%-7%呢?