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ZAA · 2021年03月21日

WC为什么不用105直接乘以

  1. CFA II
  2. Equity

NO.PZ2018103102000121

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

为什么后面Wc要计算105剪掉100后再乘以的数字
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1 个答案

Debrah_品职答疑助手 · 2021年03月22日

嗨，从没放弃的小努力你好：


因为WCinv是5%的incremental revenue(增量收入)，而incremental revenue是100*5%，也就是100*（1+5%）-100=105-100=5，所以WCinv=5*5%=0.25

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