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remoo · 2021年03月19日

用现金流折现到T0是不是也可以?

NO.PZ2018101501000014

问题如下:

Company M is investing $150 in a project which will be depreciated straight-line to zero over two years. The project will generate earnings before interest and taxes of €75 annually. The weighted average cost of capital of the company and required rate of return of the project are both 10%. The company is in the 25% tax bracket. What’s the market value added (MVA)?

选项:

A.

$70.00

B.

$74.38

C.

$77.79

解释:

C is correct.

考点:Other Valuation Models

解析:根据公式 MVA=EP1(1+WACC)+EP2(1+WACC)2\text{ MVA}=\frac{EP_1}{(1+WACC)}+\frac{EP_2}{{(1+WACC)}^2}

其中EP = NOPAT – $WACC = EBIT(1 – T) – WACC × Capital

EP1= 75(1  0.25)  0.1(150) = 56.25 15 = $41.25

EP2= 75(1  0.25) 0.1(75) = 56.25 7.5 = $48.75

代入公式计算可得MVA = $77.79

T1=[EBIT*(1-t)+D]/1+10%=[75*0.75+75] / 1.1


T2=[EBIT*(1-t)+D]/1+10%=[75*0.75+75] / 1.21


MVA=PV0-150=227.79-150=77.79


因为当时忘记了MVA的标准算法,用了这个思路,但是结果一致,是否可取?


1 个答案

王琛_品职助教 · 2021年03月20日

嗨,爱思考的PZer你好:


可以的,请参考:https://class.pzacademy.com/qa/52388

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虽然现在很辛苦,但努力过的感觉真的很好,加油!