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我是一条鱼 · 2020年05月25日

问一道题:NO.PZ201512300100001404 第4小题 [ CFA II ]

* 问题详情,请 查看题干

问题如下:

4. Using the excess earnings method, the value of the intangibles is closest to:

选项:

A.

$144.0 million.

B.

$205.7 million.

C.

$338.8 million.

解释:

B is correct.

Return on working capital = 0.08 × $10,000,000 = $800,000

Return on fixed assets = 0.12 × $45,000,000 = $5,400,000

Return on intangibles = $35,000,000 - $800,000  -$5,400,000 = $28,800,000

Value of intangibles using CCM = $28,800,000/(0.20 - 0.06) = $205.71 million.

Working capital 和fixed assets 为什么不用考虑增长g呢
1 个答案

Debrah_品职答疑助手 · 2020年05月26日

同学你好,题目中说了“He projects the following data for 2009”,因此已经是预测数据,不需要在乘以(1+g)

坏呼呼嘿嘿 · 2021年08月05日

为什么working capital价值直接乘以要求回报率就是return,而无形资产就是价值要乘以(r-g)才是return。

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NO.PZ201512300100001404 问题如下 4. Using the excess earnings metho the value of the intangibles is closest to: A.$144.0 million. B.$205.7 million. C.$338.8 million. B is correct.Return on working capit= 0.08 × $10,000,000 = $800,000Return on fixeassets = 0.12 × $45,000,000 = $5,400,000Return on intangibles = $35,000,000 - $800,000 -$5,400,000 = $28,800,000Value of intangibles using C= $28,800,000/(0.20 - 0.06) = $205.71 million. 翻了下讲义,没有找到C和 EEM估值的内容

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NO.PZ201512300100001404 问题如下 4. Using the excess earnings metho the value of the intangibles is closest to: $144.0 million. $205.7 million. $338.8 million. B is correct. 为什么working capital价值直接乘以要求回报率就是return,而无形资产就是价值要乘以(r-g)才是return。

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