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徐威廉 · 2020年06月01日

问一道题：NO.PZ201612170200000304 第4小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

4. Based on Exhibit 2, the multiple of enterprise value to sales for Centralino as of 31 December 2014 is closest to:

选项：

A.

0.67.

B.

0.74.

C.

0.77.

解释：

C is correct. Enterprise value (EV) is calculated as follows: EV = Market value of common equity + Market value of preferred stock + Market value of debt – Cash, cash equivalents, and short-term investments

= (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102

= €2,446 million (or €2.446 billion).

So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.

MV of debt这块为什么没有包括current liability这点看了解析还是不理解
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Debrah_品职答疑助手 · 2020年06月02日

同学你好，企业价值EV的概念是股权价值+净负债（net debt），这里的debt是有息负债，普通的liability如短期借款长期借款，应付债券等，这些是不计入企业价值EV的。因为这些负债是经营性负债，表示企业应支付但尚未支付的款项，这些款项是不用向债权人支付利息的，不构成债务。

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NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.既然是从资产负债表右边来算EV，右边的数字就应该全算进去才符合逻辑，难道留存收益就不算公司价值吗？

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NO.PZ201612170200000304 问题如下 4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to: A.0.67. B.0.74. C.0.77. C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77. rt

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