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Evelynislost · 2020年09月13日

问一道题：NO.PZ2018103102000121

  1. CFA II
  2. Equity

问题如下：

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million. He has forecasted the relevant information in the following table. What`s the FCFF?

选项：

A.

$10.81 million

B.

$11.81 million

C.

$14.75 million

解释：

A is correct.

考点：Computing FCFF from Different Accounting Items

解析：先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

计算FCFF

FCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million

为什么题目通过Gross profit margin计算出毛利润后才减去SG&A? 是否意味着Gross profit margin公式中的成本减项不包括SG&A; 仅包括COGS?

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1 个答案

Debrah_品职答疑助手 · 2020年09月14日

同学你好，毛利润仅扣除成本COGS，不扣除SG&A，毛利率也是相应的。

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