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77 · 2020年09月19日

问一道题：NO.PZ2018101501000105 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

Matt, an analyst with company M, has evaluated the effect of the acquisition and estimated the free cash flows after merger of 12, 15, 18 million respectively at the end of the first three years. The constant growth rate of the free cash flow is 5% after Year 3 and the required rate of return is 10%. Company M has 10 million shares of outstanding stock. What`s the present value per share of Company M?

选项：

A.

$29.50

B.

$30.73

C.

$32.08

解释：

C is correct.

考点：Discounted Cash Flow Analysis

解析：PV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionPV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378million

PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83million

故PV per share为$32.08

请问答案的第一个公式：PV3=FCF3…处， 是不是应该为TV3？

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已采纳答案

王琛_品职助教 · 2020年09月20日

嗨，爱思考的PZer你好：


同学你好，

  • 是的，这里用 TV3 更严谨
  • 已经更新解析，谢谢你的提醒哈
​

-------------------------------
努力的时光都是限量版，加油！


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NO.PZ2018101501000105 $30.73 $32.08 C is correct. 考点scounteCash Flow Analysis 解析 TV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionTV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionTV3​=r−gFCF3​∗(1+g)​=10%−5%18∗(1+5%)​=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12​+(1+10%)215​+(1+10%)318+378​=$320.83million 故PV per share为$32.08 after Ye3 anthe requirerate of return is 10%year1 year2 requurereturn题目没说啊

2021-02-23 19:21 1 · 回答

老师，突然想不起来了，想问一下用计算机算的时候，为什么CF0要设置为0 ？

2020-07-24 23:05 1 · 回答

Matt, analyst with company M, hevaluatethe effeof the acquisition anestimatethe free cash flows after merger of 12, 15, 18 million respectively the enof the first three years. The constant growth rate of the free cash flow is 5% after Ye3 anthe requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $29.50 $30.73 $32.08 考点scounteCash Flow Analysis 解析 PV3=FCF3∗(1+g)r−g=18∗(1+5%)10%−5%=$378millionPV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378millionPV3​=r−gFCF3​∗(1+g)​=10%−5%18∗(1+5%)​=$378million PV=121+10%+15(1+10%)2+18+378(1+10%)3=$320.83millionPV=\frac{12}{1+10\%}+\frac{15}{{(1+10\%)}^2}+\frac{18+378}{{(1+10\%)}^3}=\$320.83millionPV=1+10%12​+(1+10%)215​+(1+10%)318+378​=$320.83million 故PV per share为$32.08 乱码题目

2020-01-08 23:17 1 · 回答