有关required return

NO.PZ2018101501000105

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：

$29.50

$30.73

$32.08

解释：

C is correct.

考点：Discounted Cash Flow Analysis

解析： $TV_3=\frac{FCF_3\ast(1+g)}{r-g}=\frac{18\ast(1+5\%)}{10\%-5\%}=\$378million$

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

故PV per share为$32.08

after Year 3 and the required rate of return is 10% year1 year2 requured return题目没说啊

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1 个答案

王琛_品职助教 · 2021年02月24日

嗨，爱思考的PZer你好：

- 要求回报率就是 10% 呀，不会每年不一样的，一般都是一个数值哈

- 阅读题干时，"after year 3" 可以停顿一下，再读后面的文字哈

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加油吧，让我们一起遇见更好的自己！

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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 C is correct. 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 请问答案的第一个公式PV3=FCF3…处，是不是应该为TV3？

2020-09-19 21:33 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

有关required return

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