问题如下:
1. Using the discounted cash flow approach and assuming that Durtech’s terminal value is based upon the cash flow multiple method, Logan’s best estimate of Durtech’s current value per share is closest to:
选项:
A.$49.60.
B.$51.50.
C.$53.51.
解释:
A is correct.
PV of first three cash flows:
Terminal value: 7 × 10 = 70
PV of terminal value: = = 46.03
Value = 13.49 + 46.03 = 59.52
Value per share = 59.52/1.2 = 49.60
为什么Terminal value: 7 × 10 = 70,而不是 7*1.05/10?
Year 3 的 cash flow 应该是 CF0, 我们用的公式不是 CF0(1+g)/(re-g) 吗?